The authorities of Gibraltar have issued a license for the provision of services in the field of distributed registry technology (DLT) to the cryptocurrency exchange Huobi. The Gibraltar Financial Services Commission issued a statement on Monday, November 26.
Previously, several cryptocurrency companies became owners of the DLT license in Gibraltar, including Coinfloor, Covesting and the Gibraltar Blockchain Exchange. The holders of this license have the right to legally store and transfer valuables belonging to third parties using distributed registry technology.
It's assumed that the presence of a DLT license from the company should instill confidence in customers since the local regulator in the process of evaluating a cryptocurrency business imposes various requirements that are comparable to the sphere of traditional finance.
Holders of a DLT license are also required to have a physical presence in Gibraltar, and this means that Huobi will soon have an office in this overseas territory of the United Kingdom in the southern part of the Iberian Peninsula.
The rules, according to which Gibraltarian companies providing services using the Blockchain technology, are required to obtain the appropriate license from the Financial Services Commission, entered into force on January 1, 2018.
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