Gibraltar licenses eToroX and gets added to Coinbase. Second 'blockchain island?'

21 Dec, 2018
by Arthur Sillers
Gibraltar licenses eToroX and gets added to Coinbase. Second 'blockchain island?'

Gibraltar continues to bring crypto business into its fintech-friendly jurisdiction, with Coinbase adding the nation into its European market and eToroX obtaining an operating license to offer crypto-asset services in the region.

Coinbase, as part of its 12 days of Coinbase promotion,  has announced today that it is adding six European countries to its crypto-exchange platform, including Iceland, Lithuania, and notably Gibraltar, an island nation (technically a British Overseas Territory) which is quickly becoming a ‘crypto-island’ to rival Malta. Coinbase has been adding a number of assets (and now regions) to its trading platform as part of a holiday-themed effort to increase notoriety as well as functionality.

Read more: Coinbase moves $5 billion worth of crypto in largest migration ever recorded

eToroX made a similar announcement  which indicated that it had acquired a license to run a crypto-asset service on the island from the country’s equivelant of the SEC, the Gibraltar Financial Services Commission (GFSC). eToro focuses on tokenizing existing assets, and acting as a bridge between crypto and digital assets and assets familiar to traders. As the co-founder of eToro said in the release, ‘crypto assets and the blockchain technology that underpins them will revolutionize global finance, bringing about the greatest transfer of wealth ever onto the blockchain.’

Read more: Gibraltar Blockchain Exchange gets full license to operate from regulators

Gibraltar has already made large headways adopting blockchain technology and crypto trading, having enacted a number of fintech-friendly legislative moves, including pushing forward regulated exchanges, and launching a government-funded blockchain education program. Gibraltar seems motivated to draw crypto development and blockchain technology to the island, both through explicitly blockchain-friendly legal programs as well as finance-friendly tax laws. Gibraltar will likely be a jursidiction that reappears in the crypto scene for the forseeable future.

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