Gibraltar, of the British Overseas Territories, has been appointed as an observing member of the Global Blockchain Business Council (GBBC). According to a Twitter announcement on the official handle of Her Majesty’s Government of Gibraltar, the admission into GBBC is an opportunity for the British Overseas Territory to collaborate with stakeholders in blockchain advance research and adoption.
The GBBC is roughly three years old and constitutes various industry experts from over 50 jurisdictions, all of whom Gibraltar will now be working alongside. This initiative was launched three years ago in Davos to strengthen the blockchain community by enhancing partnerships, advocacy, and education.
Gibraltar noted that it would contribute its innovative approach in regulation and share ideas with other members of the GBBC. They also plan to expand collaborative partnerships to increase their contribution to both local and international blockchain regulation.
Gibraltar’s Minister for Digital and Financial Services, Hon Albert Isola, said that GBBC’s goal to grow the blockchain space by ‘engaging and educating enterprises and regulators is totally aligned with our own mission.’ GBBC CEO Sandra Ro was also optimistic about the announcement,
“The Global Blockchain Business Council welcomes the Government of Gibraltar into our global network as a GBBC Observing Member.
We look forward to highlighting the important digital assets and blockchain technology work and innovation from Gibraltar as we advance global collaboration, adoption, and opportunities.”
It is quite noteworthy that Gibraltar has previously been progressive on embracing blockchain technology; they introduced a DLT legislation as early as 2018 and recently made an update to feature the Financial Action Task Force (FATF) guidelines that were passed last year. The British Overseas Territory is also a member of an EU blockchain-focused group dubbed ‘INATBA.’