Gibraltar Stock Exchange's Blockchain Subsidiary Becomes Fully Licensed

The Gibraltar Blockchain Exchange (GBX), a subsidiary of the Gibraltar Stock Exchange (GSX), has recently revealed it became a fully licensed “provider of Distributed Ledger Technology (DLT), regulated by the Gibraltar Financial Services Commission.

The GBX was notably created back in July, after being announced in November of last year. Its goal is to become the world’s “first nationally regulated digital asset marketplace and ecosystem.” According to a recently published press release, it may be one step closer to it.

The release touts this represents a “significant milestone” for both GBX and cryptocurrencies throughout the world, as it’s a move towards “a more secure and regulated future for the blockchain industry.”

Currently, the GBX offers users trading in six cryptocurrencies, including BTC and ETH, as well as the platform’s native Rock Token (RKT). While it already supports USD, it plans on adding more cryptocurrencies and “fiat currency onboarding options” in the near future.

The GSX is now, according to the document, the first stock exchange to “own and operate a regulate blockchain exchange.” Speaking about the development Nick Cowan, the CEO of the GBX, stated:

We’re incredibly excited to build on this wave of momentum following our full-scale public launch in August

Currently, the GBX has various platforms, including a platform dedicated to token sales (GBX-GRID), which was launched in April, and a secondary market platform called Digital Asset Exchange (GBX-DAX), which was launched in July.

Licensees in the region are overseen by the Gibraltar Financial Services Commission (GFSC), which has notably taken a friendly approach to blockchain technology and the cryptocurrency ecosystem. Nick Cowan, the CEO of GBX, was quoted as saying:

Crucially, here in Gibraltar, there has been a realisation that the pursuit of innovation should never come at the expense of sustainability and long-term development. I look forward to seeing this trend continue in the months and years ahead.

The GBX isn’t the first cryptocurrency exchange to receive a license in Gibraltar, as Coinfloor received it first, in October of this year. As covered Gibraltar’s friendly approach has seen various cryptocurrency-related firms, including Xapo, expand to its jurisdiction.