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The controlled blockchain of the Gibraltar Stock Exchange has now obtained official approval from the island's financial regulator.
The Gibraltar Blockchain Exchange (GBX) announced Thursday that the Gibraltar Financial Services Commission (GFSC) granted it a license under the new regulatory framework for DLP (distributed ledger technology), claiming to be the first stock exchange to own a regulated blockchain bag.
The GBX was launched for the first time in July as an "institutional level" token sales platform and exchange of digital resources. Currently it offers onboarding on the US dollar and a number of trading pairs against USD. Other legal options and trading pairs are planned in the future.
"The license that has been acquired by GBX is category 3, which is the highest category that can be assigned to the DLT regulatory framework," the exchange said.
CEO Nick Cowan commented:
"Gibraltar has found the right mix of sensitive and supportive regulation, which has helped to position the jurisdiction as a star for the global cryptocurrency space, while allowing blockchain companies to thrive".
The GFSC announced the DLT regulatory framework in January this year, making it mandatory for companies using blockchains to "memorize or pass on values belonging to others" to apply for a license. The plan for the creation of the new licensing system was revealed for the first time in December 2017.
In March, the Government of Gibraltar indicated that it also intended to settle initial coin offerings (ICOs), stating that most tokens are not considered as securities under Gibraltar or the EU law.
Image of Gibraltar via Shutterstock
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