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Gibraltar Blockchain Exchange receives full DLT license from GFSC

Fri, 23 Nov 2018, 03:29 am UTC

The Gibraltar Blockchain Exchange (GBX) has received a full license as a provider of distributed ledger technology (DLT) from the Gibraltar Financial Services Commission (GFSC) under Gibraltar’s Financial Services Regulations 2018 DLT framework.

With this, GBX’s parent company, the Gibraltar Stock Exchange (GSX) has become the first stock exchange to own a regulated blockchain exchange.

Following an initial coin offering (ICO) drive in which it raised $27 million earlier this year, GBX announced its full-scale public launch in July 2018.

“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. Today’s announcement renews our ambition to create a world leading, institutional-grade token sale platform and Digital Asset Exchange. We’re incredibly excited to build on this wave of momentum following our full-scale public launch in July,” said Nick Cowan, CEO of the Gibraltar Blockchain Exchange.

As part of the initial application assessment, the GBX began communication with the GFSC to determine whether its proposed business activities would require licensing. Upon confirmation, a full submission was then subject to an initial risk assessment by the GFSC. The GBX then made an in-person presentation to the GFSC, outlining an extensive business plan as well as details of how the exchange planned to meet the nine regulatory principles.

“The licence that has been acquired by the GBX is Category 3, representing the highest category that can be awarded within the DLT regulatory framework,” GBX said.

The GFSC’s regulatory framework on DLT went into effect on January 01, 2018, making Gibraltar the first jurisdiction to introduce regulations around this innovative technology.

Coinfloor became the first crypto exchange to receive a full DLT license from the GFSC last month. Soon after, COVESTING, a cryptocurrency exchange and copy-trading platform, also received a full DLT license from the regulator.

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