Gibraltar Digital and Financial Services Minister Albert Isola made important statements regarding the Bitcoin ETF issue. Isola claimed that dozens of Bitcoin ETFs would be approved in a row if the US Securities and Exchange Commission (SEC) approved the first ETF.
Speaking to the Decrypt Daily podcast, Isola said, “I think and I hope it happens this year.” said. However, he expressed concern about the lack of control measures following an ETF approval.
“The process is clear in terms of licensing, but what about the supervision afterwards? Who will be responsible? What are the criteria? What is the US doing on how these tools are managed and marketed in the whole environment around them? ”
He stated that the US approval will have a huge impact on politics in the rest of the world.As of last month, the SEC had received at least eight Bitcoin ETF applications from high-profile players such as VanEck, which already runs many ETFs in other industries.The SEC has delayed its decision on the proposal until at least June, but pressure is mounting. Canada approved its first Bitcoin ETF in February and has approved two more since then.
Isola believes robust regulatory policies are needed for further adoption of cryptocurrencies. Gibraltar was well ahead in the field of digital assets, it passed a law governing digital ledger technology in early 2018 and has now granted more than a dozen business licenses to crypto companies, including eToro and Huobi exchanges, and finally Xapo, a crypto bank. Earlier this year, the region even made its own NFT stamp.
Isola says of immutable tokens (NFTs), “I think the area is particularly vulnerable to trends. “We should be careful that NFTs are not used in the same way.”
“I think the NFT will be an extremely valuable tool going forward, provided they choose the right areas under the right conditions.”