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Gibraltar moves to become ‘Blockchain Rock’

The Gibraltar Stock Exchange (GSX) is quietly preparing for a corporate takeover that could have global consequences for the former naval garrison, reports the Guardian.

A proposal is under review by the regulators that would prompt blockchain firm Valereum to buy the exchange in the new year, says the report, meaning the British overseas territory could soon host the world’s first integrated bourse, where conventional bonds can be traded alongside major cryptocurrencies such as bitcoin and dogecoin.

It is described as a bold move for a territory of just 33,000 people, where the financial sector, which accounts for roughly a third of Gibraltar’s £2.4 billion (€2.87 billion) economy, is overseen by a regulator staffed by 82 employees. If all goes to plan, says the Guardian, the enclave could become a global cryptocurrency hub; if the controls set by the small team of regulators fail, it risks reputational damage and ultimately diplomatic sanctions that could threaten its economy.

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