- Gibraltar has put in place favorable laws aimed at attracting blockchain-linked businesses to the region
- Dmitrij Pruglo, CEO of Covesting says securing Gibralter’s DLT provider license is a huge boost for the firm
Covesting cryptocurrency trading platform and exchange has become the second bitcoin-related business to secure a distributed ledger technology (DLT) license in crypto-friendly Gibraltar, following the nation’s recent formulation and implementation of amenable regulations to govern its cryptospace, reported Finance Magnates on October 19th.
Covesting Secures DLT Provider License
According to sources close to the matter, Gibraltar Financial Services Commission (GFSC) has approved Covesting cryptocurrency exchange as a credible blockchain business in the nation-state.
The latest development has now made the exchange the second DLT-based firm to be granted the license by the GFSC.
While several countries across the globe have yet to regulate their blockchain and cryptocurrency industry, Gibraltar has taken the bulls by its horns, implementing robust, yet friendly rules to govern firms in its cryptospace and attract crypto-based business from all over the world.
To obtain the DLT Provider License, the financial watchdog requires bitcoin-linked businesses to demonstrate they have a solid monetary base, as well as highly functional information technology systems and controls capable of taking care of their know-your-customer (KYC) and anti-money-laundering procedures.
Amidst that backdrop, obtaining a GFSC license will significantly boost the image of Covesting digital assets exchange and offer its clients a form of guarantee that their cryptoassets are safe with the firm.
Headquartered in Gibraltar’s World Trade Center, Covesting cryptocurrency exchange makes it easy for people from across the globe to buy, sell and store digital assets.
The platform claims to offer both experienced and newbie cryptocurrency traders a vast array of services to help them grow their income.
As stated on its website, inexperienced bitcoin and altcoin traders can still make a good profit by copying professional traders and earn success fees.
Initially started by Dmitrij Pruglo and other former Saxo Bank top executives, Covesting crypto trading platform is a member of the Ethereum Enterprise Alliance (EEA).
Commenting about the company’s new DLT license, CEO of Covesting, Dmitrij Pruglo reiterated that the exchange’s primary objective has always been to create a new standard for cryptoassets exchanges and trading platforms to do business in a regulated ecosystem.
He also added that:
“We are happy to be incorporated and licensed in Gibraltar, a jurisdiction in which the industry is supported by the government and service providers.”