The Gibraltar Blockchain Exchange (GBX), a cryptocurrency exchange and marketplace for initial coin offerings, has been granted a full licence from the Gibraltar Financial Services Commission.
DLT Licence level three
The licence is a Distributed Ledger Technology Licence, a certification which was made active in. Being licensed in Gibraltar means obeying the territory’s nine regulatory commandments, . The GBX has attained a level 3 licence, the highest on offer.
Reportedly, the business was required to deliver a presentation, in person, to adjudicators at the watchdog. It was required to outline a business plan and prove that it would obey the aforementioned regulatory principles.
According to the press release, this development makes the Gibraltar Stock Exchange the first national stock exchange to own a regulated cryptocurrency exchange.
“This licence means a great deal to the entire GBX community, not least our users. From the very beginning we have sought to build a platform defined by stringent regulatory safeguards and effective risk-based controls, while promoting the sensible and sustainable development of the industry,” said Nick Cowan, GBX CEO.
Cryptocurrency on the Rock
The GBX was launched by the Gibraltar Stock Exchange in with an ICO, through which it raised $27 million. Startups that wish to launch their own ICOs on its platform are examined according to guidelines published in . These include having an ‘authorised sponsor’ whose purpose is to oversee the required ‘codes of practice’.
The first project to be accepted (in October) was , a cryptocurrency exchange that was established in London in 2013. Joining the fold shortly afterwards were , a cryptocurrency comparison service, and , which sells blockchain-based timeshares. According to the GBX website, it has hosted seven projects, with one to begin shortly.
The currency exchange part of GBX went live inwith six cryptocurrencies on offer – Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, and Rock Token – and it traded $9.3 million worth of cryptocurrency transactions over the last 24 hours, according to coinmarketcap.com. The exchange also accepts US dollars, and intends to add more fiat currencies in due course.
When it enacted the DLT licence framework, Gibraltar became the first jurisdiction in the world to off cryptocurrency-based businesses the opportunity to operate completely legally. followed suit on the 1st of November.
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