Currency.com, a Belarus based crypto firm, has obtained a distributed ledger technology license granted by the Gibraltar Financial Services Commission, according to an announcement on July 6. This license would allow the platform to use blockchain for either storing or transmitting value to others in provision with the dealer.
Squires, the CEO of Currency.com, explained how the newly obtained license would reinforce clients' belief in the firm while offering them better prospects of expanding and reaching new customers. He said:
“For our European clients, we're aware that they have a preference for a recognizable legal framework for the venue through which they trade (Gibraltar is based heavily on the laws of England and Wales), so we intend to engage with clients and entities in the EU using this license.”
He elaborated further on the plans of expansion and said:
“We have several regions we're keen to extend into, and we have the technical capacity and team to do so easily. That said, we are very cautious about any market entry to make sure that we protect both our clients and our brand. Once we have built our European expansion through Gibraltar, we'll be moving on to other large markets for sure.”
He also lauded Gibraltar for regulating cryptocurrencies and crypto platforms, given how strict the governance around digital assets is. He noted:
“Our Gibraltar license 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.”
The EU regulations and guidance are considered to be among the strictest ones, and thus efforts made by the likes of Gibraltar helps in pushing the adoption.