Gibraltar – 31st July 2019 – The Gibraltar Financial Services Commission (GFSC) has awarded a Distributed Ledger Technology Providers (DLT) licence to Quedex, a crypto-centric futures and options exchange based out of Gibraltar. Following completion of a 15 month licence application process, Quedex was granted a DLT licence for trading of cryptocurrency derivatives and for custody of cryptocurrencies.
Quedex is a fully operational crypto-centric derivatives exchange using Bitcoin as its home currency allowing listing of futures and options on any crypto asset. The company plans to expand its product offering to several alt-coins in the near future. Quedex offers a product that addresses real hedging and leveraged trading needs of the participants of the crypto market. Quedex is currently live trading on BTCUSD products.
Gibraltar’s Minister for Commerce, The Hon Albert Isola MP, said, “From early on in the process Quedex has shown admirable commitment to Gibraltar’s principles-based approach to regulation and I am pleased that they will be able to join the growing group of licensed firms operating from Gibraltar in this evolving space. They form part of a strong line up of DLT licensed companies who will help further develop crypto into a maturing and sustainable industry, and demonstrate that Gibraltar is without doubt leading the way.”
Gibraltar’s DLT legislation, introduced in January 2018, is a purpose-built regulatory framework for businesses using blockchain or DLT. The GFSC has confirmed that Quedex is compliant with Gibraltar’s nine principles for DLT regulation, designed to protect consumers and businesses using digital assets stored or transmitted on distributed ledgers. These regulatory principles include risk management processes, effective corporate governance, and security controls to combat financial and cybercrime.
Wiktor Gromniak, CEO and Co-founder of Quedex, said, “We are delighted and honoured to be one of the first cohort of companies to be granted a Distributed Ledger Technology Providers licence. Being part of this group allows us to help mainstream crypto and realize its global disruptive potential. Every step of this thorough and meticulous process has strengthened our belief that we made the right choice working with Gibraltar. In order for the crypto industry to mature and to welcome more institutional investors into our tent it is imperative that we create transparent financial markets and develop sophisticated financial products, such as futures and options.”