Gibraltar United will become one of the first football teams to pay its players in cryptocurrency till the next season.
This is not the first interaction between the world of sport and the crypto industry. In December 2017, the Danish billionaire Niklas Nikolajsen, also known for his management position at the Rungsted Seier Capital Ice Rink, changed the arena appellation to Bitcoin Arena. Some players even began to receive salaries in the form of cryptocurrency, according to Business DK.
Gibraltar United received UEFA certification back in 2013, being now part of the Premier Division of Gibraltar (currently ranked 4 out of 10).
Earlier this year, Gibraltar has made public a new regulatory framework for companies interested in blockchain technology. Furthermore, the government plans to release the world’s first regulations for ICOs.
Pablo Dana revealed that the use of virtual currencies allowed the football club to reward foreign players who were unable to open a bank account in Gibraltar. He argues that using crypto assets will exclude players from paying taxes. Furthermore, this will protect the club from receiving illegal payments.
Dana believes Gibraltar creates a suitable environment: “It was the first [place that] regulated betting companies 20 years back, when everyone was seeing them as horrible. They put compliance and anti-money laundering regulations and created a platform – they have the intelligence to do the same with cryptocurrencies.”