The UK’s first crypto-currency exchange Coinfloor opens a division in Gibraltar and plans to become the first platform that will get a license to operate in accordance with a fundamentally new law of the Peninsula.
According to the license, the exchange will be regulated as an operator of a distributed database (DLT). However, the Executive Director of Coinfloor, Nwosu Obi (Obi Nwosu) said that the company will undergo a number of procedures before receiving a license.
At the moment the stock exchange has passed the test by 9 points, which determine the compliance of AML and KYC. The site had to prove that its system of protection can cope with the cyber attacks, which have recently actively apply to cryptocurrency exchanges.
Nwosu also noted the positive experience of the licensing process:
“We were impressed by the smooth operation of the regulators of Gibraltar. The legislation is well thought out and configured. Local authorities are primarily interested in quality, not quantity”, he said.
Gibraltar has long been a haven for many online casinos because of the low taxes, and in January of this year, the financial services Commission of Gibraltar (GFSC) has launched a licensing blockchain-companies hope to develop in the region of the cryptocurrency market.
As for Coinfloor, a new license will be good news for the exchange, which this month announced the reduction of staff by 40 employees from-for falling of volumes of trade and, consequently, lower yield.