Lendingblock, an open exchange for institutional borrowing and lending of digital assets, today confirmed it has now received its full license as a Distributed Ledger Technology (DLT) provider from the Gibraltar Financial Services Commission (GFSC) supported by blockchain law firm, ISOLAS.
After getting an in-principle approval in November 2018, the license is an important milestone for Lendingblock as the company prepares for the launch of its platform, which will bring a critical missing piece of regulated financial markets infrastructure to the digital asset economy.
Receiving a DLT license involves an extensive process to create and evidence compliance with the nine principles set out by the GFSC. These principles are designed to ensure that regulated businesses meet and maintain high standards, including risk management, corporate governance, customer care, security, and prevention of crime.
“Over the past 18 months, Lendingblock has set out on a journey to reinvent the traditional capital markets securities lending model by building something better that meets client needs through the digital asset lending market. We always put the needs of its institutional clients front and center, so it was important for us to take the proactive step in becoming a regulated entity.”
“Building a safe, secure and transparent digital asset lending exchange and healthy marketplace for clients has been our goal, and this included undergoing a detailed and extensive process to ensure regulatory outcomes were achieved with our regulator the GFSC. We are looking forward to bringing this platform to market to support our clients borrowing and lending needs and are grateful for the assistance that ISOLAS has provided us in reaching this point.”
– Steve Swain, CEO, Lendingblock
In gaining regulatory approval from the GFSC, Lendingblock will continue to work with several other regulators globally to ensure that the exchange meets its strategic aim to operate on a duly licensed basis for all territories in which it operates.
“I am delighted that Lendingblock has been awarded a DLT Providers License by the Gibraltar Financial Services Commission (GFSC) and I congratulate the company on this wonderful achievement in meeting the high standards for licensing. It is 18-months since the DLT regulatory framework came into effect and we have seen a growing number of excellent companies and start-ups come to Gibraltar and work within this regulated framework; this will ultimately add to the legitimacy of the crypto markets as they continue to develop into the mainstream.”
– The Hon Albert Isola MP, Minister for Commerce, HM Government of Gibraltar