Currency.com join a growing group of licensed firms operating from Gibraltar
Gibraltar – 20th July 2020 – The Gibraltar Financial Services Commission (GFSC) has awarded a full Distributed Ledger Technology (DLT) licence to Currency.com, a regulated crypto assets platform. The license will allow Currency.com to utilise DLT to store and transfer crypto assets.
Established in 2018, the tokenized 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, the Hon Albert Isola MP, 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. The legislation is 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. 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. 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,” said Jonathan Squires, Currency.com’s CEO.
“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.
A British Overseas Territory, Gibraltar is a self-governing and self-financing democracy that has established itself globally as a reliable centre for the blockchain and digital assets industry. In January 2018, Gibraltar became the very first jurisdiction globally to introduce legislation around Distributed-Ledger-Technology (DLT), and has since asserted its position as a leading blockchain and cryptocurrency hub. With Gibraltar’s core values of regulation, reputation, and speed to market at the foundation of its efforts within the blockchain industry, Gibraltar is now globally renowned for its commitment to creating a sustainable and secure regulatory framework for blockchain, as well as being one of the leading proponents in the advancement of the technology. For more information please visit http://www.gibraltarfinance.gi/en/home
About The Hon Albert Isola MP
The Honourable Albert Isola MP is Gibraltar’s Minister for Digital and Financial Services with the primary responsibility of raising Gibraltar’s profile as an established onshore, mainstream, well-regulated financial services centre. Working closely with the financial services regulator, the Financial Services Commission, he is responsible for financial services policy, product development, and responding to international initiatives such as international tax compliance. Minister Isola played a leading role in the establishment of the Gibraltar International Bank, a first for Gibraltar as a home-grown full-service credit institution.
Rebecca Maher - Senior Consultant
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