We're glad to share that CEX.IO has acquired “in-principle” standing for the Distributed Ledger Know-how (DLT) license issued by the Gibraltar Monetary Companies Fee (GFSC). Which means we're at the moment firstly of the ultimate stage within the authorization course of. To obtain the license, it's important to show that each one the procedures in our firm fulfill the ultimate GFSC circumstances.
The Distributed Ledger Know-how (DLT) license
Gibraltar, the issuer of the DLT license, is likely one of the first crypto-friendly regulators for licensing companies coping with cryptocurrencies. The regulator completely examines the procedures of firms that apply for regulation. Solely after rigorous checks do they supply licenses to candidates.
Firms looking for regulatory approval need to show that their company governance and threat administration, safety of consumer belongings, and monetary crime prevention practices are according to powerful regulatory requirements. We're proud that our procedures have efficiently handed all examinations and in some features have even surpassed the regulatory requirements.
CEX.IO and the regulatory sphere
We perceive the relevance of laws to the cryptocurrency sphere and their contribution to rising buyer belief. Due to this fact, we've got at all times strived to fulfill the regulatory necessities of nations the place we ship our providers.
Since CEX.IO was established, we've got been a self-regulated cryptocurrency change following trade greatest practices. Along with a set of inside procedures and guidelines, we additionally efficiently work with exterior regulators. In 2015, CEX.IO registered as an MSB (Cash Companies Enterprise) with FinCEN in the US.
At the moment, we're cooperating with regulators in numerous jurisdictions, together with Gibraltar, Cyprus, and the UK. In doing so, we try to extend consciousness of the specifics of cryptocurrency and blockchain regulation and thus assist the cryptocurrency sphere develop into extra clear.
To satisfy our mission and information our clients into the open monetary system, we're constructing a set of providers that meet all their wants. And we consider that assembly regulatory requirements will assist us present these providers with the very best doable high quality.