Gibraltar Chronicle Logo
Local News

GSLP/Liberals set out plans for gaming and DLT

Johnny Bugeja

A GSLP/Liberal Government will continue to work with the gaming community post Brexit to secure its future in Gibraltar while also expanding the distributed ledger technology industry.

Albert Isola and GSLP/Liberal Alliance party leader, Fabian Picardo, yesterday set out the Alliance’s policies on the gaming and DLT industry at a meeting held in the campaign headquarters in Irish Town.

In terms of gaming, the Alliance presented a seven-point plan which includes completing the overhaul of gaming legislation and signing a Memorandum of Understanding with the UK Gambling Commission.

Mr Isola added that if the Alliance is elected into Government on October 17, his party will also enhance resources for the Gibraltar regulator and its team.

In addition, they will also deliver a Centre of Excellence for gambling research at the University of Gibraltar while creating and implementing bespoke courses at the University for the local gambling operators.

Mr Isola said the gaming sector brings in government revenue of around £100 million and accounts for 25 per cent of Gibraltar’s GDP while employing some 3,500 people.

“The gaming sector should form a part of any decent Brexit planning and certainly should be a key part of any long-term plan for our economy,” Mr Isola told reporters.

He criticised the Alliance’s political rivals, the GSD, for having “ignored this crucially important sector” in its manifesto for the second consecutive election, describing this as “utterly ridiculous”.

The past four years has also seen the growth in the DLT industry, with Gibraltar becoming the first jurisdiction to introduce a full regulatory framework for this fledgling sector.

Mr Isola said this has already attracted firms from across the world.

If the Alliance were to be re-elected into Government, it would work on the “implementation of the FATF recommendations” which will enable Gibraltar to “stay ahead of its competitor” while remaining compliant.

Gibraltar will also look at “developing an appropriate regime for tokens”, Mr Isola added.

Mr Picardo said: “If Gibraltar is to succeed post Brexit, it is of paramount importance that all of our lines of business like these are firing on all cylinders.”

Most Read

Download The App On The iOS Store