Currency.com granted DLT licence
Currency.com is the latest cryptocurrency company granted a Distributed Ledger Technology licence by the Gibraltar Financial Services Commission.
This will allow Currency.com to utilise DLT to store and transfer crypto assets.
Established in 2018, the tokenised securities exchange is already regulated in Belarus and provides a platform for crypto holders to buy and sell cryptocurrencies, as well as trade real-world assets such as tokenized shares and commodities.
With offices in London, Belarus, and now Gibraltar, Currency.com already operates in a number of countries worldwide.
Gibraltar’s Minister for Digital and Financial Services, Albert Isola, said: “I am pleased that even during the Covid-19 pandemic our GFSC and applicant firms have continued their good work in the licensing process.”
“I am delighted to welcome such an esteemed company to our growing list of licensed firms in Gibraltar.”
“Currency.com has proven themselves to be a key industry player and we look forward to seeing their business develop.”
“We believe in and support the adoption of blockchain technology on a global scale, with Gibraltar at the forefront of exciting and innovative developments. We are pleased to welcome Currency.com to the Rock.”
Gibraltar introduced its DLT legislation in January 2018, featuring a purpose-built regulatory framework for enterprises leveraging DLT or blockchain technology as part of their business model.
Currency.com has proved compliant with Gibraltar’s nine principles for DLT regulation, including risk management processes, effective corporate governance, and security controls to combat financial and cyber crime, No.6 Convent Place said in a statement.
These regulatory principles are designed to protect consumers and businesses who use, store, or trade digital assets on distributed ledgers.
“Gibraltar has been working on financial regulation in this area for many years and has a strict application process for crypto companies,” Jonathan Squires, Currency.com’s CEO, said.
“Our Gibraltar licence 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.”
“Not only has Gibraltar’s DLT legislation been in place well before the FATF recommendations of last year, but it also continues to evolve to maintain global leading standards as a regulatory framework and infrastructure for serious operators, and it is great to see groups like Currency.com contribute to the ecosystem developing in the jurisdiction,” said Joey Garcia of Isolas LLP, the legal advisors to the group.