The UK’s first crypto-currency exchange Coinfloor opens a division in Gibraltar and plans to become the first platform licentiousness in accordance with a fundamentally new law of the Peninsula.
According to a report by the Financial Times, in accordance with the new license Coinfloor will be adjusted as the operator of a distributed database (DLT). However, Coinfloor CEO, Obi Nwosu, said that before Coinfloor still have to go through a number of different procedures.
According to Nwosu, the company has successfully passed the test, confirming its compliance with the principles of programmes to combat money-laundering (AML) and “know-your -customer” (KYC). He also added that the security system Coinfloor has shown its readiness to withstand any cyber attack.
Nwosu welcomed the licensing of crypto currency exchange in accordance with the new legislation of Gibraltar:
“We were impressed with how streamlined works [legislation] of Gibraltar. It is well thought out and configured. Local authorities are focused on quality rather than quantity”
Due to the low taxes for business Gibraltar long been a Paradise for many virtual casinos. And recently, the British overseas territory has also introduced new rules that apply directly to the blockchain-companies in the hope of development in the region of the cryptocurrency market.
We are talking about adopted last year in the Parliament of Gibraltar the decision on amendments to the Law on financial services to regulate the cryptocurrency market. Regulations on the protection of kriptosistem entered into force on 1 January this year, installing a regime of compulsory licensing of cryptocurrency and blockchain activities. Providers of cryptocurrency services now fall under the Law on financial services of the country. This legislation was one of a kind in all of Europe. Previously Gibraltar was the first jurisdiction that set the regulation of the ICO. It is obvious that the island’s authorities aim to create a friendly cryptocurrency companies environment like Malta.
A new license would be good news for Coinfloor, recently fired about 40 employees in the process of restructuring. Such decision, the exchange adopted the following bearish conditions in the cryptocurrency market, established this year in the market.
Informed about their plans to become the first licensed and regulated cryptocurrency exchange in the EU announced Gibraltar Blockchain Exchange (GBX), a subsidiary of the Gibraltar stock exchange (GSX). In June of this year, GBX has launched a beta version of the platform to service institutional investors.