Gibraltar has announced their plans for the cryptocurrency industry. They plan to manipulate the market and aim for insider trading in the crypto space.

The British territory located under Spain published an amendment to existing regulations on Wednesday. These regulations require firms dealing in bitcoin and other digital currencies to respect the integrity of markets in which they operate.

A quote from a article on the CNBC website https://www.cnbc.com/2022/04/27/gibraltar-unveils-new-cryptocurrency-rules-against-market-manipulation.html sates: “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,” Albert Isola, Gibraltar’s minister for digital and financial services, told CNBC.

Financial services and gambling are industries are very common in Gibraltar. Gibraltar’s most recent actions are part of a plan to lead the way in regulation of the digital currency industry. FTX, Huobi and Bullish have acquired licences and have already set up in Gibraltar.

Binance’s executives are yet to get a licence for Gibraltar. After facing crackdowns last year in multiple countries the company wishes to be seen as a friend to regulators instead of an enemy.

Gibraltar which has been called a “tax haven” has been highly criticised for its gambling culture as British gambling firms such as 888 and Entain have been active there. Gibraltar wishes to distance itself from this reputation.