Crypto Exchange Covesting Secures Gibraltar’s Blockchain License
- Attracting blockchain startups is seen as one way to save Gibraltar’s financial services industry after the Brexit.
Gibraltar’s financial services watchdog has awarded European cryptocurrency exchange Covesting its bespoke license for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe firms using distributed ledger technology. The move comes a few days after UK-based Coinfloor received Gibraltar’s first DLT Licence since the British overseas territory instituted its crypto regulatory framework.
Gibraltar Financial Services Commission (GFSC) requires licensed firms to demonstrate it has adequate financial resources, IT systems, and controls to comply with anti-money laundering and terrorist financing rules.
We are excited to have @obi joining our crypto panel! Check out the full agenda: https://t.co/Vqh1MX5zIP#londonsummit18 @Coinfloor pic.twitter.com/TXnE6Lfs3N
— Finance Magnates (@financemagnates) October 2, 2018
As such, engaging in business with a company approved by the GFSC offers clients several guarantees regarding the safety of their funds, and the trustworthiness of the service with which they are working.
With this in mind, the regulatory body makes a point that these are not rigid rules though, as “a flexible, adaptive approach is required in the case of novel business activities, products, and business models.”
Attracting blockchain startups is seen as one way of bolstering Gibraltar’s thriving financial services industry after the self-governing territory, along with the UK, will leave the EU next year.
Dmitrij Pruglo, Covesting's founder and CEO, said receiving a DLT Providers license is a huge milestone for his company and the crypto community as a whole.
Covesting allows everyday investors to search and compare the performance of hundreds of proven cryptocurrency traders and mirror their trades automatically. Simultaneously, the Covesting platform helps investing talents bring their results to light by competing with other traders in an equally fair environment.
Covesting was initially started by Dmitrij Pruglo, as well as several other ex-Saxo Bank managers who collectively boast an extensive background in FX, equity, and derivatives trading. Their platform aims to bring ordinary investors who do not have the time or tech knowledge to invest in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw , facilitating the ability to invest intelligently in a booming new market.
“To establish a new standard for crypto exchanges, to work in a regulated environment, to use the best practices, and to set a new industry benchmark are the goals we defined for ourselves at the very beginning of our journey. We are happy to be incorporated and licensed in Gibraltar, a jurisdiction in which the industry is supported by the government and service providers,” Pruglo said.
Gibraltar’s financial services watchdog has awarded European cryptocurrency exchange Covesting its bespoke license for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe firms using distributed ledger technology. The move comes a few days after UK-based Coinfloor received Gibraltar’s first DLT Licence since the British overseas territory instituted its crypto regulatory framework.
Gibraltar Financial Services Commission (GFSC) requires licensed firms to demonstrate it has adequate financial resources, IT systems, and controls to comply with anti-money laundering and terrorist financing rules.
We are excited to have @obi joining our crypto panel! Check out the full agenda: https://t.co/Vqh1MX5zIP#londonsummit18 @Coinfloor pic.twitter.com/TXnE6Lfs3N
— Finance Magnates (@financemagnates) October 2, 2018
As such, engaging in business with a company approved by the GFSC offers clients several guarantees regarding the safety of their funds, and the trustworthiness of the service with which they are working.
With this in mind, the regulatory body makes a point that these are not rigid rules though, as “a flexible, adaptive approach is required in the case of novel business activities, products, and business models.”
Attracting blockchain startups is seen as one way of bolstering Gibraltar’s thriving financial services industry after the self-governing territory, along with the UK, will leave the EU next year.
Dmitrij Pruglo, Covesting's founder and CEO, said receiving a DLT Providers license is a huge milestone for his company and the crypto community as a whole.
Covesting allows everyday investors to search and compare the performance of hundreds of proven cryptocurrency traders and mirror their trades automatically. Simultaneously, the Covesting platform helps investing talents bring their results to light by competing with other traders in an equally fair environment.
Covesting was initially started by Dmitrij Pruglo, as well as several other ex-Saxo Bank managers who collectively boast an extensive background in FX, equity, and derivatives trading. Their platform aims to bring ordinary investors who do not have the time or tech knowledge to invest in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw , facilitating the ability to invest intelligently in a booming new market.
“To establish a new standard for crypto exchanges, to work in a regulated environment, to use the best practices, and to set a new industry benchmark are the goals we defined for ourselves at the very beginning of our journey. We are happy to be incorporated and licensed in Gibraltar, a jurisdiction in which the industry is supported by the government and service providers,” Pruglo said.