Coinfloor’s spot exchange in Gibraltar has received an in-principle authorisation as a distributed ledger technology (DLT) provider from the Gibraltar Financial Services Commission under the jurisdiction’s Financial Services (Distributed Ledger Technologies Providers) Regulations 2018.
Introduced in January this year, the regulations are aimed at supporting the sustainable growth and globally transformative potential of distributed ledger technology and have been designed to provide “an efficient, safe and innovative regulatory framework for firms engaging in activities not otherwise subject to regulation”.
Amadeo Pellicce, COO of Coinfloor, says: “In Gibraltar we have found an excellent mix of credible and forward-thinking industry players, regulators, government, banks, and lawyers, especially our legal counsel, ISOLAS, all with the knowledge and the commitment needed to make the DLT framework a success. We are excited to be a key member of the Gibraltan ecosystem and are focused on doing our part to help Gibraltar become a leading jurisdiction for the crypto asset industry.”
Obi Nwosu, CEO Coinfloor, says: “Global governance and policy development is a critical component in ensuring long-term sustainability and interoperability across the crypto asset and token markets. As an industry, it’s important that we work closely with policy makers to help define the appropriate and balanced regulatory frameworks which will promote good practices whilst enabling the crypto asset industry to grow and bring long-term benefits to consumers, businesses and Government, including increased potential for financial inclusion, job creation, and economic investment to the country. Following Gibraltar’s lead, we believe the UK Government should consider giving the FCA the necessary powers to regulate cryptocurrency platforms, ensuring that any regime that is introduced drives consumer confidence whilst enabling innovation.”
Coinfloor is actively involved in contributing to and enabling regular dialogue between regulators, policymakers and industry, to ensure regulation continues to meet the needs of this fast-moving space. CEO Obi Nwosu recently contributed both Written and Oral evidence to the UK Government’s Treasury Select Committee Inquiry on Digital Currencies.