Gibraltar Blockchain Exchange to Receive Licence by Gibraltar Watchdog

The Gibraltar Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term Exchange (GBX), a cryptocurrency exchange and marketplace for initial coin offerings, has been granted a full license from the Gibraltar Financial Services Commission.

DLT License

The license is a Distributed Ledger Technology Licence, a certification which was made active in January 2018. Being licensed in Gibraltar means obeying the territory's nine regulatory commandments, which can be read here.

Reportedly, the business was required to deliver a presentation, in person, to adjudicators at the watchdog. It was required to outline a business plan and prove that it would obey the aforementioned regulatory principles.

According to the press release, this development makes the Gibraltar Stock Exchange the first national stock exchange to own a regulated cryptocurrency exchange.

"This licence means a great deal to the entire GBX community, not least our users. From the very beginning we have sought to build a platform defined by stringent regulatory safeguards and effective risk-based controls, while promoting the sensible and sustainable development of the industry," said Nick Cowan, GBX CEO.

Cryptocurrency on the Rock

The GBX was launched by the Gibraltar Stock Exchange in February with an ICO, through which it raised $27 million. Startups that wish to launch their own ICOs on its platform are examined according to guidelines published in March. These include having an 'authorized sponsor' whose purpose is to oversee the required 'codes of practice.'

The first project to be accepted (in October) was Coinfloor, a cryptocurrency exchange that was established in London in 2013. Joining the fold shortly afterward were Covesting, a cryptocurrency comparison service, and CrowdVilla, which sells blockchain-based timeshares. According to the GBX website, it has hosted seven projects, with one to begin shortly.

The GBX currency exchange went live in July with six Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term on offer - Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, and Rock Token - and it traded $9.3 million worth of cryptocurrency transactions over the last 24 hours, according to coinmarketcap.com. The exchange also accepts US dollars and intends to add more fiat currencies in due course.

When it enacted the DLT license framework, Gibraltar became the first jurisdiction in the world to off cryptocurrency-based businesses the opportunity to operate completely legally. Malta followed suit on the 1st of November.