A subsidiary of the Gibraltar Stock Exchange (GSX) is aiming to become one of the first licensed and regulated crypto exchanges operated by an EU stock exchange.
The company, the Gibraltar Blockchain Exchange (GBX), has reportedly introduced 300 retail account holders to its platform as part of its launch. The company has suggested that in order to monitor and develop how to present the best user experience for its future customers, the invited retailers will be asked to offer feedback after the launch.
It plans to serve institutional cryptocurrency investors at start up, with CEO Nick Cowan suggesting that the platform will be “fair, transparent, efficient, and safe”.
Gibraltar aims to lure new and existing fintech companies to its shores, following in the footsteps of other European countries such as Malta and Switzerland, both of which have seen the arrival of major cryptocurrency players like Binance and Bitmain in recent months.
The 2nd Gibraltar International FinTech Forum held earlier this year, with another ‘Gibfin’ forum to follow in September 2018, demonstrates the country’s serious intent when it comes to encouraging fintech companies to do business there.
According to GBX, it has already enacted distributed ledger technology (DLT) legislation to provide a worldwide jurisdiction for crypto companies, suggesting it wants to lead the world in technology regulation. The new legislation states that any firm in Gibraltar using DLT to store and transmit value is regulated in the country by default. Cowan adds:
“The soft launch of the platform will mean that we can continue as effectively as possible toward providing an institutional-grade token sales springboard for utility tokens and top-quality digital asset exchange for the global blockchain and trading communities.”
The company’s aim to become the first licensed and regulated EU stock exchange cryptocurrency platform is in part thanks to recent changes in Gibraltar law earlier this year, as providers of DLT now come under the jurisdiction of the Financial Services Act, implemented by the Financial Services Commission of the British overseas territory.
Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom
Telegram Alerts from BitcoinNews.com at https://t.me/bconews
The post Gibraltar Stock Exchange Subsidiary Seeks Regulated Blockchain Exchange appeared first on BitcoinNews.com.