09 Dec Gibraltar – the EU cryptocurrency jurisdiction?
HM Government of Gibraltar is considering this very question and is intending on circulating its working group report to the industry at the start of 2015. This was revealed by the Hon Albert Isola, Minister for Financial Services, H.M. Government of Gibraltar at a seminar in Gibraltar attended by Triay & Triay’s financial services team on 4 December 2014 entitled “Decrypting the Myths”.
Minister Isola highlighted that H.M Government of Gibraltar’s view on cryptocurrencies had, until now, been very conservative but with the industry developing, Gibraltar was now prepared to look at the matter further. The importance of maintaining Gibraltar’s reputation was also highlighted.
There are obvious advantages to establishing a cryptocurrency business (e.g. a bitcoins business) in Gibraltar. Gibraltar is part of the European Union, having joined with the United Kingdom in 1973 and is regulated to a very high standard but benefits from being outside the VAT zone. Corporation tax in Gibraltar is 10% on profits accruing in or derived from Gibraltar and all individuals will pay personal income tax at an effective rate of less than 25%. When coupled with Gibraltar’s Mediterranean lifestyle, it is understandable why so many cryptocurrency businesses are enquiring about Gibraltar.
Our Financial Services team is actively engaged in assisting with client enquiries and engaging with the relevant local bodies.
Should you require any further information, please do not hesitate to contact us at firstname.lastname@example.org