The licence was granted by the Gibraltar supervisory authority, the GFSC, under the specific regulation called Gibraltar’s Financial Service Regulation 2018.
The measure makes GSX the first regulated exchange fully compliant with state regulations authorised in the area.
The introduction of the DLT regulation in January 2018 was of great importance because it made this jurisdiction the first to provide legal cover for new blockchain activities, taking the country’s financial sector a big step forward.
Nick Cowan, CEO of GSX, said:
“Securing authorisation as a DLT provider here in Gibraltar is affirmation of our tireless efforts to position the GBX among the premiere Digital Asset Exchanges globally. Today’s announcement renews our ambition to create a world leading, institutional-grade token sale platform and Digital Asset Exchange. We’re incredibly excited to build on this wave of momentum following our full-scale public launch in July”.
The license makes it possible to trade cryptocurrencies with the US dollar and other fiat currencies on a regulated platform.
The exchange also aims to increase the number of exchange pairs by adding other regular currencies.
One of the activities necessary to be able to carry out the trading activity in a legitimate way is also the control of the quality of incoming money flows, with appropriate AML and KYC procedures, to ensure that these do not originate from criminal activities, a process carried out in close collaboration with the GFSC.