The Royal Bank of Scotland has turned down the Gibraltar International Bank (GIB) refusing to process cryptocurrency transactions for local companies, as Вitcoin.com reports.

The GIB does not work with cryptocurrencies, but started opening accounts for companies that deploy the blockchain technology in October of 2017.

According to the chief operating officer of the GIB Derek Sene, that is a standard practice when new important solutions are implemented. The GIB plans to search for another partner in the UK.

Gibraltar introduced the Digital Ledger Technology Regulatory Framework on January 1, primarily aiming to update the financial legislation and make it friendly to the digital economy. In compliance with the new regulations, blockchain companies are obliged to obtain a special license from the regulator. Gibraltar has also become the first European jurisdiction to regulate initial coin offerings. In such a way, local authorities decided not to ban or ignore the cryptocurrency market, but to gain profit from it.

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