I have Bitcoin for the benefit of my kids, says Gibraltar MP – Cointelegraph

Located in Europe, on the southern tip of Spain, the British Overseas Territory of Gibraltar is a bubbling hotbed of cryptocurrency adoption.

In an interview with Cointelegraph, Albert Isola, Minister for Digital and Financial Services for Her Majesty's Government of Gibraltar, explained the territory's approach to crypto and shed some light on his own investment interests.

Isola played a pivotal role in shepherding Gibraltars purpose-built distributed ledger technology (DLT) regulatory framework. However, hes also a Bitcoiner.

Speaking from the Ministerial offices in Gibraltar, he told Joe Hall I do have Bitcoin.He continued:

While spending Bitcoin(BTC)at one of the Costa Coffees that now accept Bitcoin in Gibraltar might not be his thing, he explained that adoption of Bitcoin is going to increase, as more and more jurisdictions begin to regulate it:

Gibraltar is an appealing regulatory jurisdiction for crypto companies. Since 2018, when distributed ledger technology (DLT) legislation came into force, more and more companies have considered the European territory. Obi Nwosu, co-founder and CEO of Fedi, told Cointelegraph, In the realms of regulated jurisdictions, Gibraltar has always been the most interesting. He brought Coinfloor (now CoinCorner) to Gibraltar four years ago, following the 2018 regulations.

Xapo, a Bitcoin-based private bank recently chose to open its international branch in Gibraltar. Its CEO Wences Casares is known as Patient Zero after orange-pilling Silicon Valley executives, while the Xapo offices are carved out of Gibraltars ancient military defenses. Moorish fortifications dating back to 711 the oldest ramparts in Gibraltar now defend the office wine cellar.

Indeed, despite a small population of 35,000, the territory packs a punch in the crypto space. Crypto companies such as Damex and Tap.global have or had a presence in the tiny land area. Plus, Mexican exchange Bitso partnered withGibraltar late last year to digitize government services.

Regulation is not a joke its partner style, Xapo chief technology officer Anouska Streets told Cointelegraph. Indeed, in recent months Gibraltar rolled out regulations to combat market abuse. Isola reinforced the point:

The government used the same stringent yet partnership-first process for the gaming space in 2014. Now around 75% of the United Kingdoms online gaming is done from Gibraltar, from around 15 businesses, Isola reported.

Related:Andorra green lights Bitcoin and blockchain with Digital Assets Act

2018 was the last Bitcoin and cryptocurrency space bear market in which the DLT regulation was fleshed out, and in the ensuing bull market of 2020 and 2021, Gibraltar reaped the rewards. In the 2022 bear market, or down time, as Isola delicately describes it, businesses in Gibraltar are very well placed to take advantage of the upside and at the same time manage themselves in the downtime:

While Bitcoin-backed businesses benefit from Gibraltars approach to regulation, in light of recent Bitcoin bear market rallies, Isola might be right in wishing to hold onto his Bitcoin for the next generation.

Cointelegraph visited Gibraltar to conduct the video interview which will contribute to Cointelegraphs media coverage on Youtube. Subscribe here.

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I have Bitcoin for the benefit of my kids, says Gibraltar MP - Cointelegraph