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.
Speaking with Cointelegraph, Jonathan Squires, CEO of Currency.com, gave some insight into the company’s intentions for the license:
“For our European clients, we’re aware that they have a preference for a recognizable legal framework for the venue through which they trade (Gibraltar is based heavily on the laws of England and Wales), so we intend to engage with clients and entities in the EU using this license.”
Is Gibraltar a new “crypto hotspot”?
As the company is primarily focusing in the UK and EU, 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.”
Looking ahead, Squires told Cointelegraph about the crypto platform’s plans:
“We have several regions we’re keen to extend into, and we have the technical capacity and team to do so easily. That said, we are being very cautious about any market entry to make sure that we protect both our clients and our brand. Once we have built our European expansion through Gibraltar, we’ll be moving on to other large markets for sure.”
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”.