Coinfloor received a license from the Government of Gibraltar

London-based cryptocurrency exchange Coinfloor announced that the government of Gibraltar has issued the company a license to conduct exchange activities in this jurisdiction. According to Finance Magnates, the exchange received permission to supply DLT (distributed ledger technology) services in accordance with the 2018 regulations “on the organization of financial services.”

For the first time, the Government of Gibraltar introduced a regulatory framework for DLT enterprises in January of this year. This country became one of the first jurisdictions to issuing licenses to cryptocurrency companies. “The regulatory framework is a prime example of a flexible and adaptive approach that supports innovative business models through the application of necessary principles rather than rigid restrictive rules,” the statement said.

The relatively early introduction of a cryptocurrency regulatory framework was the first step in Gibraltar’s emergence as a cryptocurrency hub. Indeed, many smaller countries have taken the opportunity to quickly provide adequate regulations for the cryptocurrency space, including Malta and Luxembourg. 

Obi Nwasu, CEO of Coinfloor believes that a small jurisdiction can become an example for the UK. “We believe that the UK government can follow the example of Gibraltar and give the FCA (Financial Conduct Authority) the necessary powers to regulate the cryptocurrency sector.”

Nwasu also believes that it is up to market participants to explain to governments exactly what rules the industry needs, how to support innovation and how to protect investors.

“It is extremely important for us to work with policymakers to help them build balanced regulatory systems that will promote growth of the digital asset industry, and will also work in the long-term interests of consumers, businesses and governments.”

According to financemagnates.com