Gibraltar has released new legislation aimed at preventing insider trading and market manipulation in the cryptocurrency business. A guidance letter is also issued by the British overseas territory to crypto firms operating inside its jurisdiction.
This discovery comes as market manipulation in the crypto sector continues to be a tough nut to crack. Albert Isola, Gibraltar’s Minister for Digital and Financial Services, stated that the territory only intends to recruit a small number of high-quality businesses.
Speaking to CNBC, Gibraltar’s Minister for Digital and Financial Services, Albert Isola, said,
We were the first jurisdiction in 2018 to launch the legal and regulatory framework, and we’re now the first jurisdiction to launch a framework for market integrity. The more there is around the world in terms of international standards for this space, the more trust, the more usage, and the more adoption we will have around the world.