The blockchain subsidiary of the Gibraltar Stock Exchange is in the daily cryptocurrency news – with a new official approval from the island’s financial regulator to become an official blockchain subsidiary.
The Gibraltar Blockchain Exchange (GBX) recently announced that the Gibraltar Financial Services Commission (GFSC) granted a license under the jurisdiction’s new regulatory framework for distributed ledger technology (DLT) which claims to be the first stock exchange to own a regulated blockchain exchange.
Launched in July this year as an “institutional grade” token sale platform and a digital asset exchange, the GBX offers US dollar on-boarding and a number of trading pairs against the US dollar. More fiat options and trading pairs are planned in the future.
According to the CEO of the exchange:
“The licence that has been acquired by the GBX 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.”
The GFSC announced the DLT regulatory framework in January of this year, making it mandatory for firms using blockchain to “store or transmit value belonging to others” in order to apply for a license.
In March, the government of Gibraltar indicated it was also planning to regulate initial coin offerings (ICOs) stating that most of the tokens are not considered as securities under Gibraltar’s as well as EU’s law.
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