• Mon, 27 May 2019, 09:36 AM
  • All times are UTC
  • Edition:
    International
Link copied

Crypto exchange COVESTING receives full DLT license in Gibraltar

Mon, 22 Oct 2018, 05:58 am UTC

The Gibraltar Financial Services Commission (GFSC) has awarded another full Distributed Ledger Technology (DLT) license to COVESTING, a cryptocurrency exchange and copy-trading platform.

Last week, Coinfloor became the first crypto exchange to receive a full DLT license from the GFSC. The government of Gibraltar has also been making efforts to foster blockchain industry in the country and has set an advisory group that will focus on the creation of new technology related education courses, such as blockchain.

Gibraltar’s Minister for Commerce, The Hon Albert Isola MP, said that the goal is to create an environment that is conducive to further the development of new technologies such as blockchain. He said the foundation of this has been already laid with the introduction of the DLT legislation in January.

With this license, COVESTING is now authorized to store or transmit value belonging to others using blockchain technology. The granting of the license recognizes the firm’s full compliance with the DLT legislation – a purpose-built legislative framework for businesses that use blockchain or DLT.

“This licence highlights the groundbreaking work of leading blockchain projects in collaborating with regulators here to help us realise that vision together,” Minister Isola said.

Businesses interested in obtaining the DLT license have been engaging in discussions with the GFSC since the introduction of the DLT legislation. Once the GFSC was satisfied that the proposed business activities would require a license, the companies were then subject to a risk assessment by the regulator. A vital component of the application process involved an in-person presentation made by applicant representatives to the GFSC where a comprehensive plan for meeting the nine regulatory principles was outlined.

“The COVESTING team has displayed a deep appreciation for the need to develop a sustainable blockchain ecosystem, built on the principles of transparency and efficiency. I have been impressed by the team’s drive and ambition to meet such a high standard in secure trading,” Minister Isola added.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,725.31 (+9.05%)
  • Ethereum (ETH) $267.92 (+7.19%)
  • XRP (XRP) $0.410300 (+7.03%)
  • Bitcoin Cash (BCH) $434.51 (+8.28%)
  • Litecoin (LTC) $113.90 (+11.94%)
  • Bitcoin (BTC) $8,725.31 (+9.05%)
May 27, 2019 (Monday)
09:11
More Indian telecom giants including Vodafone Idea, Jio to deploy blockchain-based anti-spam call tech
08:53
Recruit invests in next-gen blockchain startup COTI
07:44
Crypto exchange Bittrex teams up with IdentityMind for automated transaction monitoring
07:05
Rabobank ditches plan to launch cryptocurrency wallet 'Rabobit'
06:53
Deloitte Canada selects LiteLink as blockchain delivery group
06:09
Crypto trading app Robinhood gears up to raise $200M: Report
06:04
Saudi Customs departs first blockchain-powered shipment to Rotterdam
05:16
US State of Montana is now crypto friendly, recognizes utility tokens
04:20
Facebook’s Zuckerberg reaches out to Winklevoss twins for crypto project: Report
03:46
Blockchain capital markets platform iSTOX joins Singapore's sandbox
03:33
Luxury watchmaker Vacheron Constantin to use blockchain technology to authenticate timepieces
03:23
Swisscom TV to showcase blockchain-based artwork
May 24, 2019 (Friday)
12:18
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
10:50
German engineering giant Bosch trials Ethereum blockchain
10:39
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
09:33
Bank of Russia to review proposal on gold-backed cryptocurrency
09:17
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
08:45
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
08:45
Robinhood Crypto is now in New York
07:27
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft