Gibraltar keeps moving forward to become the global reference for blockchain-based companies. The latest movement comes with the Gibraltar Blockchain Exchange (GBX), the token sale platform and Digital Asset Exchange, which is also a subsidiary of the Gibraltar Stock Exchange (GSX), that has been awarded a full Distributed Ledger Technology (DLT) licence by the Gibraltar Financial Services Commission (GFSC). The awarding of the licence follows completion of a rigorous application process and means that the GSX has become the first stock exchange to own a fully regulated blockchain exchange.
Gibraltar’s Minister for Commerce, The Hon Albert Isola MP, said, “The awarding of this licence is further evidence of the effective collaboration taking place between the public and private sectors in Gibraltar that is making this jurisdiction a force to be reckoned with in the global blockchain industry. The DLT regulatory framework continues to provide a road to market for quality companies like the GBX, while also providing them with the flexibility to continue to innovate with this technology”.
The GBX is now fully compliant with Gibraltar’s DLT legislation, a purpose-built legislative framework for businesses that use blockchain or DLT, introduced in January of this year. Gibraltar’s principles-led approach facilitates thorough and swift engagement between businesses and regulators while also allowing flexibility for guidelines to evolve alongside the blockchain sector.
The 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.
“The team at the GBX have shown a clear understanding of the nine regulatory principles outlined in the legislative framework and a commitment to building a sustainable blockchain ecosystem here in Gibraltar. They have been strong advocates of sensible regulations for the blockchain industry and this announcement is vindication of that supportive attitude,” concluded Minister Isola.
The 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
Likewise, additional licences are expected to be granted to a range of other blockchain based projects based in Gibraltar in the coming weeks, once their application has been reviewed and passed through all the control schemes.
Gibraltar is at the centre of the global movement to introduce a sensible and sustainable cryptocurrency and blockchain regulatory environment. Earlier this year, Gibraltar became the first jurisdiction to introduce a purpose built DLT regulatory framework and this announcement is another significant milestone on that journey.