A professional football team from Gibraltar is set to become the very first one in the world to partially pay its players with cryptocurrency. The move was announced by Pablo Dana – the owner of the club. The changes are to come in effect from the next season.
Gibraltar’s financial sector has embraced blockchain technology and is leading the state in its adoption. In January, the government introduced regulations for businesses using blockchain technology. The government also plans to introduce a regulatory framework for ICOs.
The owner of Gibraltar United as of April 2017 is Pablo Dana, a Dubai-based Italian national. He is an investor in a company called Quantocoin, which aims to launch a blockchain-based mobile banking application later this year.
The link between Quantocoin and the Gibraltar United began in January when one of the club’s shareholders, Heritage Sports Holdings, signed a partnership deal with the firm. Under the terms of the deal, players, fans, and Heritage employees can use Quantocoin’s services, and Heritage Sports Holdings can use cryptocurrency to purchase players.
Cryptocurrency has also provided a means for paying foreign players who struggle to establish bank accounts in Gibraltar, while sidestepping taxes and fees.
Gibraltar was the first jurisdiction to regulate betting firms 20 years ago, Dana said. The government established anti-money laundering regulations. Gambling, for its part, has become established in football, bringing in millions of pounds worth of advertising. Betting companies were the leading shirt sponsors for the Nine Premier League teams.
According to the team’s owner, Pablo Dana, Gibraltar offers the perfect setting:
“It was the first [place that] regulated betting companies 20 years back, when everyone was seeing them as horrible. They put compliance and anti-money laundering regulations and created a platform – they have the intelligence to do the same with cryptocurrencies”
The Gibraltarian government has turned the territory into a world cryptocurrency centre by way of its progressive laws.
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