The blockchain subsidiary of the Gibraltar Stock Exchange now has official approval from the island's financial regulator.

The Gibraltar Blockchain Exchange (GBX) announced Thursday that the Gibraltar Financial Services Commission (GFSC) has granted it a license under the jurisdiction's new regulatory framework for distributed ledger technology (DLT), claiming to be the first stock exchange to own a regulated blockchain exchange.

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

13:18

Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO

05:10

Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny

04:07

The first video of the year 2024

40:07

The last regression video of the year 3.67.0

The GBX was first launched in July as an "institutional-grade" token sale platform and digital asset exchange. It currently offers U.S. dollar onboarding and a number of trading pairs against USD. More fiat options and trading pairs are planned in the future.

CEO Nick Cowan commented:

“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.”

The GFSC announced the DLT regulatory framework in January of this year, making it mandatory for firms using blockchain to “store or transmit value belonging to others” to apply for a license. The plan to create the new licensing scheme was first revealed in December 2017.

STORY CONTINUES BELOW

Recommended for you:

In March, the Gibraltar government indicated it was also planning to regulate initial coin offerings (ICOs), stating that most tokens are not considered securities under either Gibraltar or EU law.

Gibraltar image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.