With Gibraltar already becoming a huge success in the gaming industry, it now plans to do well in the cryptocurrency field.
Aaron Payas, senior associate lawyer at Hassan’s International, bets on Gibraltar as a place where you can domicile your cryptocurrency or business funds.
Recently the government of Gibraltar has published DLT Framework proposals with Gibraltar Financial Services Commission. In his tweet, Payas mentions Gibraltar as an excellent place for ICOs and investing in cryptocurrency businesses.
According to Payas, DLT and CC entrepreneurs have been looking for a reputable jurisdiction where they can base their HQ and be regulated, so the proposals have already been greeted with positive feedback.
He adds:
“This regulation provides such entrepreneurs with the “seal of approval” which is so important when marketing their product to potential clients or pitching to investors. The Proposals are also drafted to allow maximum flexibility to the Gibraltar Financial Services Commission in the way they wish to regulate each licensee.”
Making it easier for investors
According to Payas, a Gibraltar-based fund is a great option for US investors because the tax is neutral. Also, there are currently no other fees except the costs that help maintain the fund.
With the fund, US investors will have ownership of Bitcoins along with other investors in the fund.
With regards to taxation of cryptocurrencies, Gibraltar is an interesting option for cryptocurrency businesses as the country aims to become one of the most progressive countries in EU and Gibraltar companies are only taxed based on the profits that they earn plus the corporate tax rate for net profits is only 10 percent.