The cryptocurrency scene in Gibraltar is vibrant. Also, there is a lot of demand for crypto related services which is fuelling growth of exchanges. In this light, GBX secures official DLT license from the Gibraltar Financial Services Commission (GFSC).
According to the Gibraltar’s Financial Services Regulations 2018 DLT framework, entities have to get official nod to commence business. Finextra reports that the DLT license is a very important feather in any crypto-related company’s hat.
The Gibraltar Blockchain Exchange (GBX) is an offshoot of the Gibraltar Stock Exchange Group (GSX Group). In particular, the exchange (GBX) provides a platform for sale of digital assets to institutional investors. According to Finextra, the acquisition of the DLT (decentralized ledger technology) license is a very important step in legitimizing business.
In January, Gibraltar introduced the DLT regulatory framework as a step towards becoming a blockchain hub. In light of the introduction of the regulations, all blockchain companies have to acquire a license from GFSC. The Gibraltar Financial Services Commission (GFSC) insisted that the regulations will fan innovations in the sector.
Particularly, the regulator hopes to keep the new rules objective, targeted and flexible. Further, the regulator promised to work with various government agencies to ensure that the regulations are successful.
GBX secures official DLT license as part of growth strategy
Nicky Gomez, Head of Risk and Innovation at GFSC offered that they would begin accepting applications immediately.
“We are really excited to finally welcome applications from DLT Providers. The team expect to be very busy in the coming months, and are looking forward to working on some interesting and innovative ideas with applicants,” Gomez said in January.
The efforts are now coming to bear with the reports that GBX secures official DLT license to operate effectively. Interestingly, this is just one of the manifestations of what a fertile ground Gibraltar is to blockchain and cryptocurrency.
Commenting on the developments, Nick Cowan, CEO of the Gibraltar Blockchain Exchange said: “Securing authorisation as a DLT provider here in Gibraltar is affirmation of our tireless efforts to position the GBX among the premiere Digital Asset Exchanges globally.”
Further, the acquisition of the license is in line with the exchange’s strategy to create a “world leading, institutional-grade token sale platform and Digital Asset Exchange.”