CEX.IO, a bitcoin and cryptocurrency exchange operating since 2013, today announced it has officially received a Distributed Ledger Technology (DLT) license issued by the Gibraltar Financial Services Commission (GFSC).
Working on obtaining the license over the past months, CEX.IO passed an evaluation of internal processes and procedures in terms of efficiency and effectiveness. CEX.IO was guided and supported by the team at Hassans International Law Firm, led by partner Anthony Provasoli and assisted by Roy Balestrino.
Gibraltar is proactively supporting innovation and ensuring that business complies with regulatory requirements at the same time. In 2018 they have created a special DLT framework for businesses that transmit and store virtual assets on behalf of their customers.
Obtaining the DLT license means CEX.IO procedures satisfy GFCS requirements based on the Nine Regulatory Principles, including; effective corporate governance arrangements and risk management, financial crime prevention practices, advanced security systems and protocols, protection of customer assets, and adequacy of financial and non-financial resources.
“GFCS was one of the first regulatory bodies to offer such a license to crypto businesses. And CEX.IO was among the first cryptocurrency exchanges in Europe to implement the highest standards of regulatory procedures and compliance. We’re proud that those accomplishments allowed us to obtain a DLT license.”– Oleksandr Lutskevych, CEO of CEX.IO