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Jan 07 - eToroX Granted Blockchain Licence To Operate In Gibraltar

eToroX, the digital asset subsidiary of global investment platform eToro, has been granted a distributed ledger technology (DLT) licence from the Gibraltar Financial Services Commission (GFSC). After completing a rigorous application process, eToroX is now fully licensed to store and transmit value belonging to others using blockchain technology in Gibraltar.

Gibraltar’s Minister for Commerce, Albert Isola, said, “We remain committed to providing a road to market for blockchain based companies that successfully work through the licence application process with our financial regulator, the GFSC. We have made the roll- out of sensible DLT legislation a priority, communicating the jurisdiction’s potential for businesses along the way. eToroX joins Coinfloor, Covesting, the Gibraltar Blockchain Exchange, and Huobi as a licenced DLT operator within Gibraltar.”

eToroX is now fully compliant with Gibraltar’s DLT legislation, a purpose-built legislative framework for businesses that use blockchain or DLT, introduced in January 2018. The Government says that Gibraltar’s “principles-led approach facilitates thorough and swift engagement between businesses and regulators while also allowing flexibility for guidelines to evolve alongside the blockchain sector.”

eToroX was created in 2018 by eToro, the global multi-asset investment platform with over 10 million registered users. eToroX is responsible for defining and executing eToro's vision around blockchain and the development of cryptoassets. It provides the evolving product range and infrastructure to support the growth of tokenized assets. Today, eToroX manages eToro's newly launched wallet and will run the forthcoming exchange.

“eToroX is a welcome addition to the thriving blockchain ecosystem we have in Gibraltar. Businesses that receive a DLT licence must demonstrate a deep understanding of the nine regulatory principles that underpin the framework. We welcome blockchain based businesses that can display the highest standards of regulatory compliance and in return provide them with the tools they need to succeed in a competitive global environment,” concluded Minister Isola.

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