eToroX, the blockchain arm of eToro, the famous social trading network, has won a major victory recently in Gibraltar. The company has been awarded a blockchain license to operate in the country legally.
This victory comes soon after Huobi and Coinfloor were the first two companies to be able to get a license in Gibraltar. The co-founder and CEO of eToro, Yoni Assia, has affirmed that this is a major milestone and a sound victory for the company and the crypto community at large.
According to the CEO, eToroX will define eToro’s vision for the blockchain technology and crypto trading. It is the first step for a blockchain exchange, which will possibly be launched in the near future. This victory comes after the company was able to launch its own crypto wallet.
eToroX was launched recently and it is still finding its ground in the market but eToro already had dealt with crypto assets before, so it should probably not be very difficult for the company to succeed, especially when you consider that it was already been able to grab such an important license.
The Gibraltar License
According to the laws of the country, the Gibraltar Financial Services Commission requires any company that wants to deal with the blockchain technology in the country to be licensed. To actually acquire the license, a company has to demonstrate that it has the necessary monetary funds, the tech systems and full control of the compliance of the users. Only then the license is granted.
Because of this, the companies that are licensed are only the best ones in the country and the licenses are not easy to get, but they ensure that a business has everything that it needs to be successful in Gibraltar.
Gibraltar has recently decided to attract crypto companies for its region, just like Malta is doing with the whole Blockchain Island motto. Because of this, it is looking for companies, but the regulators of the company have high standards, so only the best ones will be ready to be launched.