Earlier this week, Currency.com, the regulated crypto assets platform, received a new distributed ledger technology license from the Gibraltar Financial Services Commission (GFSC).
The license allows the company to use distributed ledger technology for storing or transmitting value belonging to others in connection with the provision of dealer and custody services.
Earning a Gibraltar-based license will serve as a hallmark of quality for Currency.com, who is already regulated in Belarus under the country’s best-in-class legislation for cryptocurrencies, ICOs and smart contracts.
The Rock is one of the few jurisdictions to have a regulatory framework designed specifically for the regulation of blockchain businesses. Already a regulatory leader in online gambling, the government decided in 2014 that it wanted to regulate the blockchain industry and started to work with the private sector to create a principles-based regulatory framework that would be appropriate, not only for cryptocurrency exchanges and wallet service providers but also businesses that use distributed ledger (blockchain) technology to store or transmit value belonging to others.
Jonathan Squires, Currency.com’s CEO said, “Our operations in Gibraltar are part of our commitment to expanding across the globe, offering a blockchain-backed, highly regulated and secure service designed to give customers the flexibility they’ve been looking for. The Gibraltar Financial Services Commission is composed of sharp-minded, informed individuals, who are at the forefront of regulating complicated emerging industries.
“Gibraltar has been working on financial regulation in this area for many years and has a strict application process for crypto companies. Our Gibraltar license is an important endorsement for the platform and further confirms our adherence to the most stringent standards, providing the highest level of safety and security for our traders.”
The regulated crypto assets platform enables crypto-holders to buy and sell popular cryptos as well as trade real-world assets including leading shares, indices, commodities and FX with tokens that mirror the value of the asset.