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GSX Becomes First Stock Exchange to Own a Regulated Blockchain Exchange



GSX Becomes First Stock Exchange to Own a Regulated Blockchain Exchange
Source: Pixabay

Gibraltar – 22 November, 2018 The Gibraltar Blockchain Exchange (GBX), a subsidiary of the Gibraltar Stock Exchange Group (GSX Group), and a world-leading institutional-grade token sale platform and Digital Asset Exchange, has announced that it has been granted a full license as a provider of Distributed Ledger Technology (DLT) from the Gibraltar Financial Services Commission (GFSC) under Gibraltar’s Financial Services Regulations 2018 DLT framework. The granting of the license means that the Gibraltar Stock Exchange (GSX) has become the first stock exchange to own a regulated blockchain exchange.

The introduction of Gibraltar’s DLT regulatory framework in January 2018, making Gibraltar the first jurisdiction to introduce regulations around DLT, was heralded as a hugely significant step for the fast-evolving global blockchain ecosystem. The framework has helped nourish Gibraltar’s fertile ground for blockchain and crypto innovation.

“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,” said Nick Cowan, CEO of the Gibraltar Blockchain Exchange.

Attaining a full DLT license caps a significant phase of sustained progress for the GBX, which underwent its full-scale public launch in July 2018, thereby opening the exchange to members of the public. Unique features include fiat onboarding for customers, as well as a number of trading pairs. USD onboarding is currently available for customers, with multiple USD pairs available to trade on the platform. In the near future, there are also plans to offer a greater number of fiat currency onboarding options on the exchange, as well as a more extensive list of trading pairs.

“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,” continued Cowan.

As part of the initial application assessment, the GBX began communication with the GFSC to determine whether its proposed business activities would require licensing. Upon confirmation, a full submission was then subject to an initial risk assessment by the GFSC. The GBX then made an in-person presentation to the Commission, outlining an extensive business plan as well as details of how the exchange planned to meet the nine regulatory principles. The license that has been acquired by the GBX is Category 3, representing the highest category that can be awarded within the DLT regulatory framework. From start to finish, a successful DLT Licence application takes an average of up to six months.

“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,” concluded Cowan.

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About the Gibraltar Blockchain Exchange

The Gibraltar Blockchain Exchange (GBX) aims to position itself as a world-leading institutional-grade token sale platform and digital asset exchange that is a subsidiary of the Gibraltar Stock Exchange (GSX), which is a European Union (EU) regulated stock exchange. The GBX is expected to be a global listing and token sales springboard for utility tokens that have satisfied a strict due diligence and admissions process as well as a high-quality digital asset exchange. In this regard, the GBX intends to set a higher standard for token issuance and trading for the benefit of all market participants.

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