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Leading bitcoin exchange Coinfloor has announced that it has been awarded a full Distributed Ledger Technology (DLT) license by the Gibraltar Financial Services Commission (GFSC).
The GFSC’s regulatory framework on DLT went into effect on January 01, 2018, making Gibraltar the first very first jurisdiction in the world to introduce DLT-focused legislation. The legislation is a purpose-built legislative framework for businesses that use blockchain or DLT.
Coinfloor said that the license was awarded after the completion of a rigorous application process. With this, the startup is now authorized to store or transmit value belonging to others using blockchain technology.
“We have championed internationally compliant, robust, and sensible legislation to regulate this revolutionary technology in Gibraltar while simultaneously striving to maintain the conditions that encourage further private sector innovation,” Gibraltar’s Minister for Commerce, The Hon Albert Isola MP, said.
“This announcement is another positive development which shows that Gibraltar is open for business and ready to work with quality companies to provide a regulated road to market.”
Founded in 2013, UK-based Coinfloor is now fully compliant with Gibraltar’s DLT legislation. In August 2018, the company announced that its spot exchange in Gibraltar received an in-principle authorisation as a DLT provider under the Financial Services (Distributed Ledger Technologies Providers) Regulations 2018.
Minister Isola explained that the license approval process is underpinned by the principles-based regulatory framework for DLT, adding, “I believe it will set the standard for customer experience in this space while providing opportunity for innovators to develop further.”
