Gibraltar’s Minister for Commerce, the Hon Albert Isola MP

Cryptocurrency exchange Huobi has been awarded a full Distributed Ledger Technology (DLT) licence by the Gibraltar Financial Services Commission (GFSC).
It means that the Singapore-based company can now store and transmit value belonging to others using blockchain technology. The awarding of the licence has been welcomed by the Government of Gibraltar, with additional licences expected to be granted for a range of other blockchain-based projects based in the British Overseas Territory over the next few weeks.
Gibraltar is aiming to be a leader in the global movement to introduce a sustainable cryptocurrency and blockchain regulatory environment. Earlier this year, it became the first jurisdiction to introduce a purpose built DLT regulatory framework.
“This announcement is an example of the effective road to market Gibraltar is providing for companies seeking continued innovation under the umbrella of sensible and secure regulation,” said Gibraltar’s Minister for Commerce, The Hon Albert Isola MP. “The DLT legislation we have introduced gives companies like Huobi a supportive framework on which they can further develop and cultivate sustainable legacies.”
Gibraltar’s DLT legislation is a purpose-built regulatory framework for businesses using blockchain or DLT. Through this principles-led approach, Huobi, as a company now fully compliant with this legislation, can engage with regulators in a speedy manner while also benefiting from the flexible framework that allows room for guidelines to evolve in tandem with the blockchain sector.
Huobi is an international cryptocurrency exchange offering clients digital asset trading and asset management services.

by Guy Matthews