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Gibraltar, once seen as a tax haven, will start a new life as a global hub for cryptocurrency trading.
The British overseas territory is reviewing a proposal for blockchain firm Valereum to acquire the Gibraltar Stock Exchange, which would allow the territory to serve as a platform to trade bitcoin and dogecoin alongside traditional bonds, according to The Guardian.
The Guardian notes that a best-case scenario would mean the territory becomes a center for the ultra-hot market for cryptocurrency, while a worst-case scenario with loose regulations could lead to reputational damage and potential diplomatic sanctions.
This is just the latest indication of the rise in prominence and influence of cryptocurrency, with bitcoin, ether and dogecoin, among many other cryptocurrencies, seeing an explosion of value over the last two years. Thanks to exposure from high-profile figures such as Elon Musk, who talked about dogecoin on Saturday Night Live, and Jack Dorsey, who changed the name of his payments company from Square to Block, mainstream consumers have taken an interest in crypto.
Valereum and the Gibraltar Stock Exchange didn’t immediately respond to requests for comment on the report and pending deal.