Gibraltar Blockchain Exchange Granted DLT License from Local Regulator

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

Gibraltar Blockchain Exchange

Gibraltar Blockchain Exchange Granted DLT License from Local Regulator

November 23, 2018
Nick Cowan, Chief Executive Officer of the Gibraltar Blockchain Exchange
Nick Cowan, Chief Executive Officer of the Gibraltar Blockchain Exchange

The Gibraltar Blockchain Exchange (GBX), a leading institutional-grade token sale platform and Digital Asset Exchange, has been granted a full license as a provider of Distributed Ledger Technology (DLT) from the local financial watchdog, the Gibraltar Financial Services Commission (GFSC).

The license means that the subsidiary of the Gibraltar Stock Exchange Group (GSX Group) has become the first stock exchange to own a regulated blockchain exchange, according to a statement published by the firm headed by CEO Nick Cowan.

“Securing authorization as a DLT provider here in Gibraltar is an 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”.

“This license means a great deal to the entire GBX community, not least our users. From the very beginning, we have sought to build a platform defined by stringent regulatory safeguards and effective risk-based controls, while promoting the sensible and sustainable development of the industry. Today’s authorization is an endorsement of this long-held position and evidence of the hard work put in up to this point”, CEO Nick Cowan added.

Gibraltar, a British Overseas Territory and headland on Spain’s south coast, has introduced a regulatory framework on distributed ledger technology in January 2018. It was the first jurisdiction to welcome the blockchain ecosystem in its regulation and is one of the most crypto friendly places in the world.

The GBX exchange underwent its full-scale public launch in July 2018 and allows fiat onboarding for customers as well as a number of trading pairs. Multiple USD pairs are available to trade on the platform and the exchange plans to widen its fiat currency onboarding options to more currencies. The license acquired from the regulator is Category 3, representing the highest category that can be awarded within the DLT regulatory framework.
“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. 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”, Cowan concluded.

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