Gibraltar Blockchain Exchange (GBX) Granted Regulatory License

Wilfred Michael 

Wilfred Michael

Reporter

26 November 2018,
20:15
Gibraltar Blockchain Exchange (GBX) Granted Regulatory License

The Gibraltar Blockchain Exchange (GBX) a subsidiary of the Gibraltar Stock Exchange (GSX), has been licensed by the Gibraltar Financial Services Commission (GFSC) as a “DLT services provider.

This approval comes under the 2018 framework created by the country's central government, for DLT and cryptocurrency based enterprises.

The license makes GBX, the fourth licensed DLT services provider in Gibraltar alongside CFE Limited, Covesting International Limited and crypto exchange operators, Huobi Technology (Gibraltar) Co.Ltd.

According to a Medium post by the exchange about their new milestone, the license (a Cat 3 license) is the highest that can be awarded to a DLT services provider under the regulatory framework.

It will allow the exchange to continue building on successes that it has achieved in 2018. GBX formally launched a token sale platform labeled GBX-GRID in April before unveiling its digital asset exchange (GBX-DAX) in July.

Meanwhile, the GBX Group has now become the first stock exchange service in the country to acquire a license for offering digital asset exchange services to clients.

 

Regulation Boosts Gibraltar's Crypto Economy

In January, the European nation unveiled a regulatory framework to govern crypto and blockchain-related business, a strategy that some of the world's biggest economies has failed to implement.

According to the GBX CEO, Nick Cowan, it is the regulatory certainty in the country that has allowed companies in the crypto ecosystem to thrive. He said in the release,

“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”.

He expects this growth trend to continue in the coming months and years as the country aims to become the world's most friendly regions for blockchain innovations. With recent developments in Gibraltar, such a prominent status is more than achievable.