The Gibraltar Blockchain Exchange (GBX) announced today that on November 21, 2018, the cryptocurrency service is operating as a fully regulated exchange in Gibraltar. The country’s regulatory body, the Gibraltar Financial Services Commission (GFSC) provided the license to the crypto service provider as per Gibraltar’s Financial Services Regulations 2018 DLT framework.
According to the GBX, the GFSC’s license is not just a significant milestone for the cryptocurrency exchange, but for the whole crypto space.
“It is a significant move towards a more secure and regulated future for the blockchain industry, with the GBX at the forefront, leading the way in a bid to continually raise standards in crypto,” the company stated on Medium.
The GBX is the subsidiary of the Gibraltar Stock Exchange (GSX). According to the GBX, with the knowledge gained from the EU-regulated GSX, they are striving to offer token and digital asset trading on an institutional-grade platform. The company added that this is the first instance that a regulated stock exchange owns and operates a regulated cryptocurrency exchange.
“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 August,” GBX CEO Nick Cowan said.
The GBX operates two separate market platforms: the GBX-GRID – the company’s token sale platform that has been live since April 2018 – and its digital asset exchange, which launched in July 2018 – the GBX DAX.
Gibraltar has been one of the favorite countries of blockchain and crypto startups because of its startup-friendly and beneficial regulatory environment. The European country implemented its 2018 DLT regulatory framework in January, which positioned Gibraltar as one of the leading hubs for blockchain tech in Europe.
“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,” Cowan said. “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.”
The GBX CEO added that his company had received the highest award in its category, the Cat 3 license, which can be given within the DLT regulatory framework.