The UK’s overseas territory of Gibraltar has inaugurated an official cryptocurrency exchange just months after the original announcement in November of 2017. The new Gibraltar Blockchain Exchange (GBX) Digital Asset Exchange was introduced on Monday, July 23rd, and it was announced that the exchange would be open to public trading.
Going public is just the newest step demonstrating the ongoing development of the GBX ecosystem, as the exchange works towards a large-scale adoption of crypto and institutional investment in digital assets.
“Today marks the most exciting development on the GBX journey thus far and is a significant indication that Gibraltar is open for business. The launch comes at a time when the cryptocurrency and token markets are reaching a new stage of maturity,” said Nick Cowan, GBX CEO, expressing high hopes for the exchange’s potential.
New customers are already able to fund their accounts in USD, and the trading itself has begun with six different cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, and Rock Token. In fact, Rock Token is the exchange’s utility token. GBX is promising that Rock Token’s utility will be expanded by allowing holders the opportunity to reduce their trading fees on the exchange by holding a specific minimum amount, but details have yet to be released. Rock Token could stand to benefit highly from the launch of the exchange.
GBX is a cryptocurrency exchange, but it is also intended to be a marketplace for initial coin offerings. GBX investigates and reviews applicant ICOs according to its own distributed ledger technology guidelines that were published in March of this year. The guidelines are in place to enforce responsible advertising from applicants, as well as a programme that obliges any applicants to find an independent sponsor to vouch for the ICO prior to their approval.
ICOs have been the source of controversy as the practice has been banned in China and South Korea, and Asian markets have generally had a bearish attitude towards such cryptocurrency offerings. However, South Korea is already contemplating a reversal of its ban, and China may soon follow as other Asian markets like Japan prepare sophisticated regulations and take advantage of their regional competitors’ wariness.
Gibraltar is open for business
In Gibraltar, there have been concerted efforts to establish a strong body of general cryptocurrency regulations. Gibraltar’s guidelines state that the exchange will operate in accordance with the appropriate and relevant EU financial law. Gibraltar’s government had a jump on discussing the topic of cryptocurrency regulation, as the territory established a committee to address cryptocurrency and its regulation as early as 2014. Last October, the same committee aimed to put cryptocurrency laws in writing by 2018, which it did so successfully, producing nine official regulatory principles in January of 2018.