The Gibraltar Financial Services Commission, or GFSC, issued a new distributed ledger technology license to the Belarus-based cryptocurrency platform, Currency.com, on July 6.
According to the announcement, the platform will be allowed to use DLT to store or transmit value belonging to others in connection with the provision of dealer and custody services thanks to the license granted by the GFSC.
Jonathan Squires, CEO of Currency.com, gave some insight into the company’s intentions for the license:
“Our operations in Gibraltar are part of our commitment to expanding across the globe, offering a blockchain-backed, highly regulated and secure service designed to give customers the flexibility they’ve been looking for. The Gibraltar Financial Services Commission is composed of sharp-minded, informed individuals, who are at the forefront of regulating complicated emerging industries.”
Is Gibraltar a new “crypto hotspot”?
Squires praised Gibraltar’s efforts to regulate cryptocurrency, and the nation’s strict application process for crypto-related companies. He added:
“Our Gibraltar license is an important endorsement for the platform and further confirms our adherence to the most stringent standards, providing the highest level of safety and security for our traders.”
Gibraltar has recently taken significant steps to regulate the crypto environment within the country. Some industry actors have praised the momentum Gibraltar is generating and consider the country a new “crypto hotspot”.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.