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Cryptocurrencies

eToroX receives Distributed Ledger Technology (DLT) licence

Monday 7 January 2019 | 09:50 AM CET

Crypto platform eToroX has been granted a Distributed Ledger Technology (DLT) licence from the Gibraltar Financial Services Commission (GFSC).

The GFSC has designed a new licensing model which requires companies to comply with the nine-strong list of principles to be granted a DLT license. The principles include requirements which prevent, detect and disclose financial crime risks such as money laundering and financing terrorist activities which are becoming a priority to regulate.

eToroX was designed to execute eToro’s objective to provide investors access to cryptoassets, enabled by blockchain technology. The platform hopes to lead the development of cryptoassets and regulatory framework for DLT businesses as tokenization of assets grow in popularity.

As a result of the DLT license, eToroX will be managing eToro’s newly launched wallet and exchange, both currently in beta. Using blockchain technology, eToroX’s wallet enables its customers to transfer cryptoassets away from the platform. The wallet is being rolled out on a phased basis in terms of geography and functionality.

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