Crypto futures and options exchange Quedex on Wednesday announced that it received a license from the Gibraltar Financial Services Commission (GFSC) to operate as a crypto derivatives exchange from the region.
The exchange can also offer a crypto custody service under the regulatory framework.
“In order for the crypto industry to mature and to welcome more institutional investors into our tent it is of the essence that we create transparent financial markets and develop sophisticated financial products, such as futures and options,” Wiktor Gromniak, co-founder and chief executive of the exchange, said.
To secure the license, Quedex had to satisfy the regulator’s requirements based on the nine regulatory principles. The announcement also detailed that the process of approval took 15 months.
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“Being licensed by a very well respected and forward-thinking jurisdiction like Gibraltar is a landmark moment for this industry in general and Quedex specifically. We are very proud,” Gromniak added.
With the digital asset derivatives platform, the Gibraltar-based exchange is targeting a wide range of client base, including institutions, miners, and hedge funds.
Operating under the regulatory framework
Gibraltar is among the first jurisdictions to regulate the cryptocurrency and initial coin offering (ICO) industry. It soon became one of the hotbeds for crypto-related companies.
“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 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 leading the way in this industry,” Gibraltar’s minister for commerce, The Hon Albert Isola MP, added.
Last month, CEX.IO received the same license from the GFSC to operate a licensed exchange.