Quedex Seeking to Gain State Licence to Operate Crypto Exchange in Gibraltar
By Luke Flowers – Crypto Speculator
Quedex, the crypto exchange that offers cryptocurrency-backed derivatives, has applied for the Distributed Ledger Technology (DLT) Licence from the Gibraltar Financial Service Commission (GFSC). Obtaining the licence will make Quedex the first exchange to receive government approval. The launch of the new exchange could help increase volumes selling Bitcoin in the area.
A press release stated that the agreement had already been made ‘in principle’ awaiting the GFSC to present a few more conditions for the exchange to meet before officially authorising its activities.
The licence will permit Quedex to conduct compliant services for institutional investors looking for an approved trustworthy trading service. These institutions will be able to bet on the volatile price movements without buying or selling crypto. There are currently no platforms in Gibraltar that offer cryptocurrency-backed derivatives. Further to larger institutions able to invest in crypto derivatives, this licence will increase their legitimisation and could help induce crypto selling and buying in the area.
One way the exchange hopes to attract investors is through transparency with regulators and Quedex believes this is imperative to long-term success. With the backing of the GFSC and an on-going relationship with regulators, Quedex could become the hub for institutional investors in Gibraltar to buy and sell cryptocurrency derivatives.
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