The Cyprus-based FX brokerage firm, IronFX Group, confirmed that it plans to launch its cryptocurrency exchange later this year. However, the announcement added that the platform is currently awaiting approval from Gibraltar’s regulatory agency for fintech firms utilizing blockchain.
The crypto exchange, IronX, is a joint project with Hong Kong, EmurgoHK Group. It is who created and introduced the Cardano Blockchain and ADA coin. Earlier in June, Ironfx stated that the platform will function as a regulated, service-inclined exchange that allows users to trade with both fiat and cryptocurrency.
Ironfx and EMurgoHK designed the IronX to be a bridge between cryptocurrency trading and traditional online trading. However the platform has the functionalities that allow its users to use their crypto account. Also cryptocurrency to trade on the IronFX platform. The feature will cater to traders that are interested in both trading and traditional online trading.
Noticeably, that the platform will have its main coin called the IRX token. Token holders will have access to different rewards that are categorizes by user’s holding levels. Some of the incentives and services token holders will enjoy are trading bonuses, discounts on transaction fees and personal customer care services.
IronFX group has more than 1.2 million trading account on its IronFX platform. It began its collaborations with EmurgoHK when it introduced the ADA coin as valid currency on its MT4 platform.
Gibraltar’s Distributed Ledger Technology Regulatory Framework (DLT Framework)
Gibraltar’s Financial Service Commission introduced a framework that regulates firms that uses distributed ledger technology for keeping or transferring assets belonging to others. The framework that was implemented in January was the first regulatory framework in the world that was solely designed for crypto-related firms. Gibraltar is currently working on a framework which will regulate Initial Coin Offerings (ICOs).
Image source: Ironfx