The Gibraltar Blockchain Exchange (GBX), a platform for the exchange of digital assets and the sale of tokens created as a subsidiary of the Gibraltar Stock Exchange Group (GSX Group), received a full operating license from the Gibraltar Financial Services Commission (GFSC).
The newly acquired license was granted under the GFSC DLT 2018 framework, which means that GBX is a recognized provider of Distributed Ledger Technology (DLT), which makes the first exchange to run a fully regulated and controlled blockchain bag.
The Government of Gibraltar announced the legislative framework of the DLT in January 2018, making Gibraltar the first jurisdiction for the establishment of regulations concerning the DLT. GBX, on the other hand, was launched to the public in July, although there was a soft launch just a month before.
Nick Cowan, CEO of GBX, stated in the official version:
"Right from the start, we sought to build a platform defined by stringent regulatory guarantees and effective risk-based controls, while promoting the reasonable and sustainable development of the industry." Today's authorization is approval of this long standing position and evidence of the hard work carried out up to this point ".
Gibraltar blockchain exchange platform
The platform, through GBX Digital Asset Exchange, also provides options for trading cryptocurrency. The GBX Digital Asset Exchange was opened to the public in July 2018, although it is still limited in its trading pairs, as trades are only available for Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic and Rock Token (the currency of the platform). In the same way as Binance, traders and investors on GBX can make payments for trading, sponsors and quotations on the platform with the use of Rock Token.
Investors can also buy cryptocurrencies on the platform using fiat currencies such as US dollars. The platform plans to increase its fiat currency offerings and various other trading pairs, which would expand its customer base beyond what is currently.
Cowan went on to explain that the exchange had always wanted to operate a regulated exchange that included "effective risk-based controls".
"Securing as a DLT provider here in Gibraltar is an affirmation of our tireless efforts to position the GBX among the major global asset exchanges globally." Today's announcement renews our ambition to create a world-class institutional token sales platform and digital resource exchange We are incredibly excited to take advantage of this momentum following our large-scale public launch in July, "he noted.
Considering the effort spent, the company had to go through a waiting period of about six months before the license was finally approved. During this period, various communication cycles between the exchange and the regulator followed, as well as an initial evaluation of their application.
Crypto Friendly Gibraltar
This approval is also the latest in a series of friendly provisions by the Government of Gibraltar to the country's blockchain ecosystem. Just last month, the government, in collaboration with the University of Gibraltar, launched an advisory group dedicated to developing courses related to DLT and its applications, reported the Gibraltar Chronicle. The advisory group, known as New Technologies in Education (NTiE), will work with various technology companies in the country, also addressing the need for blockchain skills in both the private and public sectors of the economy.
"Providing access to innovative courses with the contribution of experts from those using this technology in the private sector is a vital component in the development of a DLT (Sustained Ledger Technology) commercial community in Gibraltar," Gilbert Licudi, a minister of the University Gibraltar was quoted from the point of sale.