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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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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