Coinfloor Obtains DLT Provider License in Gibraltar
Coinfloor, the oldest operational cryptocurrency exchange in the U.K., has become the first company to secure a distributed ledger technology (DLT) license in Gibraltar.
British Overseas Territory Recognizes First Offshore Crypto Entity
Obi Nwosu, the chief executive officer of Coinfloor, spoke favorably of Gibraltar’s licensing requirements and processes: “What impressed us was that this (legislation) was in the works for a long time. It’s been well thought out, well considered. They are focusing on quality over quantity.”
Nwosu said the company was asked to show it could abide by “nine principles” to obtain the DLT license. The requirements included robust know-your-customer and anti-money laundering policies, in addition to strong cyber-security and custody procedures.
Coinfloor to Downsize Workforce
Nwosu recently described the changes as a normal development. “It’s never desirable to make these changes, but it’s a natural part of the market cycle,” he said. “The market has contracted and you should make appropriate changes to your team … it’s happening across this space.”
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