According to the latest report, a crypto lending platform Lendingblock announced that ahead of their upcoming platform’s launch, Gibraltar Financial Services Commission has granted Lendingblock its DLT regulatory license.
The London-based collateralized crypto to crypto Lendingblock is a securities borrowing and lending platform for crypto-economy. The platform supports the short term trading, working capital needs and the hedging.
Lendingblock is pleased to announce that we have been granted our DLT regulatory license by the Gibraltar Financial Services Commission ahead of our upcoming platform launch. https://t.co/vmQVZW7VdO
— Lendingblock (@lendingblock) August 15, 2019
The platform mirrors the traditional financial markets and the company aims to reinvent the system with some better models to provide services to the lending market of digital assets.
Recently, the platform created one of the very first Global Digital Assets Lending Agreement, with the hope of establishing a new standard for the crypto industry.
The company prioritized in seeking regulatory approval and the process involved collaboration with GFSC.
The CEO of Lendingblock Steve Swain elaborated on the regulatory philosophy of the company. He stated that the company always acknowledges the needs of institutional clients and hence; they needed to be proactive to gain the status of the regulated entity.
Lendingblock actively participates with the other regulators, as well, to meet the regulatory requirements in every jurisdiction that it operates in.
The GFSC has been encouraging the crypto exchanges and blockchain businesses to be a part of it. The Minister of Commerce Albert Isola stated that it has been eighteen months since the Distributed Ledger Technology framework became effective. Several startups and excellent companies approached Gibraltar and started working within the regulated framework of Gibraltar.