Gibraltar Blockchain Exchange Gets License To Distribute DLT

The Gibraltar Financial Services Commission (GFSC) recently granted a full license to a subsidiary of the Gibraltar Stock Email (GSX Group) group the Gibraltar Blockchain Exchange (GBX) to provide distributed ledger technology. This landmark decision makes GSX the first stock exchange in the world to own a fully regulated blockchain exchange. The CEO of the Gibraltar Blockchain Exchange Nick Cowan said,

“Securing authorization as DLT provider here interpreter is an affirmation of our tireless efforts to position the GBX among the premier 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.”

GBX which was launched in full scale in July 2018, is an institutional grade token sale platform and cryptocurrency exchange which features USD onboarding for customers as well as a number of trading pairs. It also has plans to offer more Fiat currency onboarding options on the exchange as well as featuring a more extensive list of trading pairs. GBX has acquired a Category 3 license, which according to Gibraltar Financial Services Regulations 2018 DLT framework is the highest category that can be bestowed on.

The process of getting this license included an application which took about six months and an initial risk assessment by the GFSC. This was followed by an in-person presentation to the regulator that outlined the basic business plan as well as how that exchange wanted to meet the nine regulatory principles.

Gibraltar which has a regulatory framework conducive for the growth of blockchain based businesses has been an attractive choice for young startups, some of which include MediBlock, a healthcare platform, WaveCrest, a crypto payment startup, Globitex, a digital asset exchange and CoinFloor a, a bitcoin exchange originally from London that received a DLT licence last month.

Cowan continued,

“Gibraltar has found the right blend of sensible and supportive regulation, which has helped position the jurisdiction as a lodestar for the global cryptocurrency space, while allowing blockchain companies to flourish.”