Nick Cowan, CEO of the GBX, said “Securing authorization 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.”
Cowan clarified that the objective of the exchange from the start was to set up a controlled exchange with “effective risk-based controls”. While the road was long and troublesome, the endorsement of the Financial Supervisory Authority in Gibraltar reflects the long-standing position of exchange and the “evidence of the difficult work” that has driven them far. The exchange took approximately 180 days to get the Commission’s coveted permit.
There were a number of communications with the regulator, followed by an initial risk evaluation. GBX required GFSC to supply an introduction enumerating its business plan and how the Commission’s administrative system for distributed ledger technology system will comply with the exchange plans.
The Gibraltar Blockchain Trade is a subsidiary of the Gibraltar Stock Trade Group (GSX Group), which runs an initial coin offering market. It was introduced by the GSX Group in 2017 by means of an initial coin offer (ICO). GBX also facilitates crypto-trading, which was opened in July 2018 to the open.
The trading board, called the GBX Digital Asset Exchange, permits speculators to trade in Bitcoin, Ether, Bitcoin cash, Ethereum classic and the Rock (RKT) native token of the exchange. GBX traders can moreover utilize the RKT Coin to pay trading, listing and sponsorship fees on the platform, similar to how Binance Coin is working.
The stage also offers its clients fiat token trading, particularly with USD pairs, but plans are to extend the net to accommodate other fiat currencies on the exchange.
Cowan finished by saying “Gibraltar has found the right blend of sensible and supportive regulation, which has helped position the jurisdiction as a lodestar for the global cryptocurrency space, while allowing blockchain companies to flourish. Crucially, here in Gibraltar there has been a realization 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.”