UK govt provides guidance for Gibraltar stakeholders

The government has provided guidance for Gibraltar-based business stakeholders, almost a year after the UK started its withdrawal from the EU.

UK.- The government from the United Kingdom has released a statement regarding Gibraltar’s financial services firms’ access to local markets until 2020. The British government has determined that it will guarantee that the Gibraltar entities will be able to work in the UK for two more years.

The UK government said that it will work closely with the Government of Gibraltar to design a replacement framework to endure beyond 2020 similarly based on shared, high standards of regulation, and enforcement of this regulation, and underpinned by modern arrangements for information-sharing, transparency and regulatory co-operation.

Gibraltar is operating one of the strongest gaming markets at international level according to results generated during 2017’s operations. As part of the United Kingdom, Gibraltar receives bets from British players. Recently, the Chief Minister of Gibraltar, Fabian Picardo, revealed that according to online casino operators’ reports, “60 per cent of online bets made in the UK come though Gibraltarian companies.” The gaming law is so advanced in the territory that even cryptocurrencies have been legalised for betting platforms.

Both governments have agreed to recognise the importance of enhancing the liaison on all the implication of the Brexit that are relevant to Gibraltar. “The UK has provided assurance that gambling operators based in Gibraltar will continue to access the UK market after we leave the EU in the same way they do now – and we are working towards agreement of a MOU which will enable closer working and collaboration between gambling regulators in Gibraltar and the UK. The UK is committed to work closely with the Government of Gibraltar towards transport arrangements post EU Exit that support Gibraltar’s prosperity,” read the statement released by the government.