eToro's crypto subsidiary eToroX receives Gibraltar DLT Licence

The Gibraltar Financial Services Commission (GFSC) has granted a distributed ledger technology (DLT) licence to eToroX, a digital asset subsidiary of global investment platform eToro.

Formed this year, eToroX is aimed at furthering eToro's vision around blockchain and the development of cryptoassets. eToro is a founding member of CryptoUK, one of the world's first self-regulatory body for cryptoasset companies.

eToroX currently manages eToro's newly launched wallet and will run the forthcoming exchange. According to the official release, the wallet is a new product which is being rolled out on a phased basis both in terms of geographic reach and functionality.

"With the launch of our wallet, we can for the first time provide clients with a means of transferring cryptoassets away from the eToro platform. With the eToroX wallet, customers are able to send and receive crypto via the blockchain,” Yoni Assia, Co-founder and CEO of eToro, said.

“We are proud to say that we are amongst the first companies in the world to obtain a licence for cryptoassets and one of very few regulated companies in the crypto space.”

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. Other crypto and blockchain companies that have received the DLT license so far include Coinfloor, COVESTING, Huobi, and Gibraltar Blockchain Exchange (GBX).

“The GFSC has been forward-thinking in developing this framework and we hope it serves as a blueprint for other markets. The licence process has been thorough but by working closely with the GFSC we are pleased to say that we now have a licence and look forward to supporting the growth of tokenized assets,” Doron Rosenblum, Managing Director of eToroX, said.