Crypto Firm Currency.com Granted DLT License by Gibraltar Financial Services Commission

Tokenized securities exchange Currency.com has been granted a full Distributed Ledger Technology (DLT) license from the Gibraltar Financial Services Commission (GFSC).

Established by IT-focused investment firms VP Capital and Larnabel Ventures, Currency.com allows investors to use their crypto assets to invest in, and profit from, global financial markets without the pressure of exchanging their crypto portfolio into fiat money. The company is licensed, authorized and regulated by the High Technology Park of Belarus under Decree No. 8 On the Development of a Digital Economy, which legalizes businesses based on blockchain technology.

The GFSC license will reportedly allow Currency.com to utilize DLT to store and transfer crypto assets. The DLT regulatory framework, which was implemented in 2018, applies to activities, not subject to regulation under any other regulatory framework, that use DLT for the transmission or storage of value belonging to others. Applicants are required to meet nine regulatory principles, including risk management processes, effective corporate governance and security controls, to ensure that the GFSC’s regulatory outcomes are achieved.

“Gibraltar has been working on financial regulation in this area for many years and has a strict application process for crypto companies,” said Jonathan Squires, Currency.com’s CEO. “Our Gibraltar license is an important endorsement for the platform and further confirms our adherence to the most stringent standards, providing the highest level of safety and security for our traders.”

“I am pleased that even during the Covid-19 pandemic our GFSC and applicant firms have continued their good work in the licensing process,” said Gibraltar’s Minister for Digital and Financial Services, the Hon Albert Isola MP. “I am delighted to welcome such an esteemed company to our growing list of licensed firms in Gibraltar. Currency.com has proven themselves to be a key industry player and we look forward to seeing their business develop. We believe in and support the adoption of blockchain technology on a global scale, with Gibraltar at the forefront of exciting and innovative developments. We are pleased to welcome Currency.com to the Rock.”