Gibraltar’s blockchain pre-eminence continues to move forward with first DLT licence approvals

One factor that has undoubtedly helped to fuel demand for offices for sale in Gibraltar in recent times is the British Overseas Territory’s enlightened view of the business possibilities of digital currency and blockchain.

Indeed, new blockchain legislation implemented in the territory is now bearing fruit, it having emerged in October that the UK’s oldest cryptocurrency exchange had become the first company to be licensed under this law.

“Focusing in on quality over quantity”

Gibraltar has a tradition of embracing firms that seek to make the most of the latest technological innovations, as it did earlier this century to tempt virtual casino firms to set up in the territory with the benefit of extremely low taxes.

Now, it seems that history is repeating itself with the Gibraltarian government bringing in legislation that enables exchanges to be licensed as distributed ledger technology (DLT) providers.

As revealed by the Financial Times, the first company to be granted such status was Coinfloor, with CEO Obi Nwosu telling the newspaper: “What impressed us was that this [legislation] was in the works for a long time... it’s been well thought-out, well-considered. They are focusing in on quality over quantity.”

He added, at a late November event to celebrate the new status reported by the Gibraltar Chronicle: “It appears the adventure is only beginning... the cryptocurrency space is incredibly volatile. Not just from an economic and financial point of view, it’s also incredibly innovative.”

But there are many more where Coinfloor came from...

Coinfloor will hardly be alone as a licensed Gibraltarian DLT provider, however, with it having been reported that by July 2018 – just seven months after the territory’s DLT regulatory framework was introduced – 35 companies had applied for licences to operate blockchain businesses.

One other company to have recently been granted a licence, for example, is the Gibraltar Blockchain Exchange (GBX), which is a subsidiary of the Gibraltar Stock Exchange Group (GSX Group). The firm said the licence made GSX the first stock exchange in the world to own a fully regulated blockchain exchange.

Gibraltar Blockchain Exchange CEO Nick Cowan commented: “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.”

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