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The watchdog of Gibraltar financial services has given eToroX, the arm of the cryptocurrency of the eToro social trading network, its tailor-made license for blockchain companies that use distributed ledger technology. The move comes just weeks after Huobi and Coinfloor received the first DLT licenses in Gibraltar since the British overseas territory established its own cryptic regulatory framework.
Yoni Assia, co-founder and CEO of eToro, said that receiving a DLT Providers license is a milestone for his company and for the crypto community as a whole.
"In the future all assets will be made token and we are only taking the first steps in this journey, just as eToro has opened traditional markets for investors, we want to do the same in a tokenised world and the creation of eToroX will help us" he adds.
Created a few months ago, the eToroX subsidiary has the task of defining and executing eToro's vision on the blockchain, including its imminent cryptographic exchange, and the development of criptoassets. Last month, the company presented its proprietary cryptocurrency portfolio.
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DLT license
The Gibraltar Financial Services Commission (GFSC) requires authorized businesses to demonstrate that they have adequate financial resources, IT systems and controls to comply with anti-money laundering and terrorist financing rules.
As such, business engagement with a company approved by the GFSC offers customers various guarantees regarding the security of their funds and the reliability of the service they are working with.
With this in mind, the regulatory body notes that these are not strict rules, however, because "a flexible and adaptive approach is required in the case of new business, products and business models".
Attracting startup blockchain is seen as a way to strengthen Gibraltar's thriving financial services industry after the autonomous territory, together with the UK, will leave the EU next year.
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