It was announced today that Huobi, the Singapore-based cryptocurrency exchange, and asset management service provider, has been awarded a full Distributed Ledger Technology (DLT) license by the Gibraltar Financial Services Commission (GFSC) along with the Gibraltar Blockchain Exchange (GBX).
The Gibraltar Blockchain Exchange (GBX), a subsidiary of the Gibraltar Stock Exchange Group (GSX Group), recently launched its institutional-grade token sale platform and Digital Asset Exchange. The granting of the license means that the Gibraltar Stock Exchange (GSX) has become the first stock exchange to own a regulated blockchain exchange.
After completing the application process, Huobi and GBX can now store and transmit value belonging to others using blockchain technology.
“Securing authorization as a DLT provider here in Gibraltar is affirmation of our tireless efforts to position the GBX among the premiere Digital Asset Exchanges globally. Today’s announcement renews our ambition to create a world-leading, institutional-grade token sale platform and Digital Asset Exchange. We’re incredibly excited to build on this wave of momentum following our full-scale public launch in July,” said Nick Cowan, CEO of the Gibraltar Blockchain Exchange.
Introduced in January of this year, Gibraltar’s DLT legislation is a purpose-built regulatory framework for businesses using blockchain or DLT. Through this principles-led approach, Huobi, as a company now fully compliant with this legislation, can engage with regulators in a robust and speedy manner while also benefiting from the flexible framework that allows room for guidelines to evolve in tandem with the blockchain sector.
Gibraltar’s Minister for Commerce, The Hon Albert Isola MP, said, “This announcement is yet another example of the effective road to market Gibraltar is providing for companies seeking continued innovation under the umbrella of sensible and secure regulation. The robust DLT legislation we have introduced gives quality companies like Huobi a supportive framework on which they can further develop and cultivate sustainable legacies.”