On Thursday, the Gibraltar Blockchain Exchange (GBX) reveals about winning a blockchain subsidiary license. Gibraltar Financial Services Commission authority (GFSC) reviews the request and grants the company rights under a jurisdiction’s new regulatory framework regarding distributive ledger technology (DLT).
They claim it to be the very first stock exchange that holds a regulating blockchain exchange. The GBX came into existence in July as digital asset exchange and “institutional-grade” token sale platform. Currently, it provides the U.S. dollar onboarding including various trading pairs against USD.
There are the majority of fiat options trading pairs lining up in the near future. According to the crypto exchange, this license of GBX is Category 3, depicting the highest category award amongst a DLT regulatory framework. Moreover, the CEO at Gibraltar Blockchain Exchange, Nick Cowan comments:
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.
Back in January, this year, the announcement was out regarding this DLT regulatory framework. However, firms using blockchain mandatorily need to store/transmit value incorporating others to be applicable for a license. The idea to develop the new licensing scheme was initially out back in December 2017.