Coinfloor Crypto Exchange Gets Grant from Gibraltar as In-Principle License DLT provider
Gibraltar Has Just Granted Coinfloor An In-Principle License As The DLT Provider
Coinfloor which is a London based cryptocurrency exchange just went ahead to announce that its spot exchange that is in Gibraltar has just received an in principle license, this is thanks to the Gibraltar government. According to an official statement made by the company to the Finance Magnates, Coinfloor has been able to earn a principal license as a Distributed Ledger Technology, DLT.
This is as a provider under the financial services 2018 regulations, which is the DLT territory regulatory framework.
Go Ahead And Try To Join The Leading Industry Event
In January this year is when the Gibraltar framework was initially introduced, as a result, it was launched as a significant milestone that has been achieved within the global crypto industry. The territory has been considered to be one of the very first jurisdictions found in the world; this is to ensure that crypto companies are able to receive licensure.
With the framework in place, it is a very strong example of the adaptive, flexible approach which has been established to support the innovative businesses models within the market. It is achieved through the proper application of the set principles, rather than the current rigid rules in the market, according to a statement made.
According To Coinfloor, Gibraltar Is The Regulatory Leader
The early introduction of the legal framework by Gibraltar for the crypto market is actually an essential part of the territory bid in enabling it to be the hub for global cryptocurrency industry. It is true that most of the small countries that have an active and small government have had an opportunity in making fast moves, this is towards providing proper regulations for the crypto market, this is including Luxembourg and Malta.
The CEO for Coinfloor, Obi Nwasu strongly believes that the current jurisdiction has been able to set an active example for the presiding nation, the UK.
According to a statement that he made, he firmly believes that the current UK government should consider giving FCA the necessary power that it would need to regulate the crypto platform. With this in place, it will ensure that any regime that is introduced will be able to drive some confidence to the consumers, while still being able to accommodate innovation.
The Industry Participants Should Be Able To Work Closely With The Policymakers
According to Nwasu, he believes that it is the participants of the industry who actually hold the responsibility of educating the governments around the globe on the best ways they should regulate the growing industry.
It should be in a way that is able to support adequate innovation and in turn protect the investors within the market, without stifling the growth taking place.
He goes ahead to say that it is important that the industry works with the policymakers as this will be able to define the appropriate and even a balanced regulatory framework which will be able to promote ethical practices. While all this is happening it should be able to enable the crypto market to adequately grow and be in a position to bring long-term benefits to the businesses, customers, and government in the market.
He further explained, we should expect to see some potential of financial inclusion, increased economic investment and job creation within the country.
The authorization of the in-principle comes a few weeks after Coinfloor just announced they would be launching a physically delivered BTC for the current futures contracts. The co-founder of Coinfloor plus the regulation strongly believes that physical agreements will be in a position to invite much more institutional cash into the cryptocurrency investment market.