The Gibraltar Blockchain Exchange (GBX) has been granted an operating license by the country’s regulatory watchdog.

The territory’s stock exchange has received a Distributed Ledger Technology (DLT) Licence, making it fully compliant to the nine-point guidelines instituted by the government in January earlier this year. These demand effective corporate governance, operating with honesty and integrity, and that appropriate security protocols must be followed to name a few of the measures.

According to reports, GBX was expected to present its business plan to members of the watchdog in person to prove each of these requirements would be met.

The accompanying press release for the license claims that the Gibraltar Stock Exchange is the sole stock exchange to maintain a regulated cryptocurrency trading platform.

As well as operating as an exchange, GBX allows selected startups to launch their ICOs on its platform. To be considered, they must adhere to tight guidelines and employ an authorized sponsor to ensure these rules remain unbroken. London-based Coinfloor was the first project to be accepted, followed by cryptocurrency comparison service Covesting.

Gibraltar’s DLT framework made it the world’s first jurisdiction in which cryptocurrency companies could operate entirely within the legal paradigm.

It is perhaps unsurprising then that ex-US Commodity Futures Trading Commission (CFTC) senior official Jeff Bandman named Gibraltar as a leading nation in regards to cryptocurrency exchange regulation. Pointing to the country’s bespoke framework, he noted that this was a trend other countries would be sure to follow.

Indeed, on 1 November, Malta instituted its own similar regulatory framework. The trio of bills makes it the first nation within the European Union to fully regulate the blockchain industry.

 

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