Resident Crypto Futures and Options Exchange Quedex, has been issued with a Distributed Ledger Technology Providers License. The license was granted by the Financial Services Commission (GFSC) of Gibraltar that regulates the conduct of trade and investment in the crypto industry in Gibraltar.
By acquiring, and being granted the license, Quedex is enlisted as the hallmark first-in-the-line crypto-centric futures and options exchange. Gibraltar was among the first and earliest of jurisdictions in the world to be crypto-friendly. This is because it legalized, encouraged, and regulated the ICO industry, including digital monies.it is for this reason that Gibraltar has grown to become a hothouse of projects underlying cryptocurrency.
The announcement of this license grant was one on Wednesday by the spokesperson of Quedex. According to the statement, the license was long awaited by the company as it had been encouraging and facilitating the conduct of transactions and trade of cryptocurrencies, including bitcoin and such futures. Equally important, the license now allows Quedex to offer crypto custodial services, among others.
Noting the granting of the license, the Quedex co-founder, Wictor Gromniak, commented that the permit would facilitate transparency in the crypto industry. He added that it was quite crucial to the building of financial markets and that it would allow the industry to move to maturity.
Quedex, which is now the first crypto futures and options exchange of its kind maintained strict compliance of set regulations for fifteen months. There are nine principles of supervision that are by the standard set by the GFSC. The cooperation of Quedex with the advisories of PRT lawyers can be said to be what motivated the authorities to grant Quedex the license.
Gibraltar’s minister for commerce joined the bandwagon commending the grant of the license to Quedex. The minister noted and applauded Quedex’s compliance streak to Gibraltar’s set standards from the beginning to present. He further stated that with the license, Quedex had the legality to explore and conquer new frontiers in the crypto industry, something that would advance the industry and help the crypto space evolve.
Gibraltar boasts several robust crypto exchanges that are fully licensed, regulated, and operational.in the previous months of March and June 2019, institutional cryptocurrency exchange LMAX Digital and CEX.IO acquired their licenses respectively.
The customer base for Quedex is quite diversified. It incorporates and involves miners, crypto traders, institutional investors, and even hedgers. The grant of the license to the company means that it can now undertake trading of crypto assets, futures, and even options in a completely controlled and transparent manner. Their platform is also, as of now, ranked as secure. With the license, the company’s clientele and customers can now conduct their trading and hedge their investments against crypto market precariousness and all this in a totally regulate and governed environment.
Quedex statement to the press makes a point of clarifying that the newly secured license only covers bitcoin and bitcoin derivatives. Hopefully, the company wishes to include altcoin support in the future. Wictor expressed hope that the permit would much encourage an upsurge the overall number of investors for the company. He said that this would be because of the higher and imp-roved transparency that comes with the securing of the DLT license. Furthermore, he made it clear that the company was very much honored to have been the first-ever cryptocurrency futures and options exchange to be licensed by a “forward-thinking jurisdiction like Gibraltar.” Quedex expects to remain compliant to Gibraltar’s standard set regulations by the GFSC.it is these regulations that keep the protection and security of customers and investors in the crypto industry in check