Gibraltar poised to become first cryptocurrency hub

A deal by blockchain firm Valereum to take over the Gibraltar Stock Exchange will make it a global center of cryptocurrency trading.

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Roger Cheng (he/him/his) was the executive editor in charge of CNET News, managing everything from daily breaking news to in-depth investigative packages. Prior to this, he was on the telecommunications beat and wrote for Dow Jones Newswires and The Wall Street Journal for nearly a decade and got his start writing and laying out pages at a local paper in Southern California. He's a devoted Trojan alum and thinks sleep is the perfect -- if unattainable -- hobby for a parent.
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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.