According to the license, Coinfloor will get regulate as Distributed Ledger Technology (DLT) provider. Obi Nwosu, the CEO of Coinfloor said they had to undergo a lot of changes before obtaining the license.
Which he explains further saying there were nine principles to determine proper Anti Money Laundering (AML) compliance and Know-Your-Customer (KYC) protections in place. In addition, the exchange had to prove it could withstand cyber attacks plaguing the current crypto-space. Adding to the licensing journey Nwosu said,
What impress us was that this [legislation] was in the works for a long time. It’s been well under consideration. They are focusing on quality over quantity.
Also confirms that all of the changes was to attract as many good and qualifying companies as possible. He adds saying, Every innovation comes with a consequence. However, the blockchain industry has been nothing short of a boon to countries implementing it. Additionally, Gibraltar wants a piece of it.
However, after complying with the new laws their connection with the Royal Bank of Scotland was cut-off without explanation of any reasons. The exchange also laid off 40 employees as part of the restructuring process.
With steps like these Gibraltar seems to be creating a space like Malta, a have for blockchain and crypto innovation. But this move of Gibraltar might be hindered due to Brexit, i.e. the exit of UK from EU. Coinfloor is definitely not the last company to get licensed from Gibraltar as many companies/exchanges seeking friendly crypto-regulations might move here.
You can also read some relevant news:
- Coinbase Becomes Yet Another Exchange To List OX Protocol (ZRX)
- Link Token Is Now Listed On Japan’s Exchange Bitbox
- Bithumb Launches Decentralized Trading Exchange ‘Bithumb Dex’
- Huobi Global Joins Okex & Bitfinex In Listing More Stablecoins
- Unocoin Launches Fiat-To-Crypto ATM And An Overview Of India On Blockchain
Will Brexit affect Gibraltar’s ambitious plans? Let’s discuss.
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