Gibraltar Blockchain Exchange Granted Full DLT License By GFSC

Blockchain, News, Regulation | November 23, 2018 By:

The Gibraltar Blockchain Exchange (GBX) has been granted a full license as a provider of distributed ledger technology (DLT) from the Gibraltar Financial Services Commission (GFSC).

GBX, a subsidiary of the Gibraltar Stock Exchange (GSX), is a institutional-grade token sale platform and digital asset exchange. The plaform allows startups to launch their own initinial coin offerings (ICO) and allows investors to trade in bitcoin, ether, Bitcoin Cash, Ethereum Classic and Rock Token (RKT), the exchange’s native token. GBX announced its full-scale public launch in July of this year following a token sale in which it raised $27 million.

The DLT license makes the GSX the first regulated stock exchange group to also own and run a regulated blockchain exchange.

“Securing authorization as a DLT provider here in Gibraltar is affirmation of our tireless efforts to position the GBX among the premiere Digital Asset Exchanges globally,” said Nick Cowan, CEO of the GBX. “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 August.”

The DLT regulatory framework, which was implemented in January of this year, 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 to ensure that the GFSC’s regulatory outcomes are achieved.

“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,” Cowan said. Gibraltar’s emergence as a leading crypto hub hasn’t happened as a result of rushed regulatory action, but rather a methodical, considered approach. Crucially, here in Gibraltar, there has been a realization that the pursuit of innovation should never come at the expense of sustainability and long-term development. I look forward to seeing this trend continue in the months and years ahead.”