Lendingblock – a securities lending platform for cryptocurrencies and digital assets – has been granted a full license to become an official distributed ledger technology (DLT) provider by the Gibraltar Financial Services Commission (GFSC).
In an exclusive Coin Rivet interview last month, Lendingblock CEO Steve Swain explained that the GFSC had recently completed its site inspection of the company, which he stated the Gibraltar regulator was “very pleased” with.
Swain elaborated on how the successful inspection had been a culmination of a twelve-month process, and once the company received its final feedback from the Gibraltar regulator, it would be in a position to officially launch.
Lendingblock’s launch has now moved one giant step closer with the confirmation the company has been awarded its full license to become a full DLT provider, as per a press release shared with Coin Rivet.
The company will be supported by blockchain law firm ISOLAS.
The announcement marks an important step for Lendingblock. Acquiring a DLT license requires the completion of an extensive process to establish and prove compliance with the nine principles outlined by the GFSC.
These principles are essential in ensuring that regulated businesses meet and maintain high standards in areas such as risk management, corporate governance, customer care, security, and the prevention of crime.
Gibraltar MP and minister of commerce Albert Isola has extended his congratulations to Lendingblock, stating:
“I am delighted that Lendingblock has been awarded a DLT providers license by the Gibraltar Financial Services Commission and I congratulate the company on this wonderful achievement in meeting the high standards for licensing.
“It is 18 months since the DLT regulatory framework came into effect and we have seen a growing number of excellent companies and start-ups come to Gibraltar and work within this regulated framework. This will ultimately add to the legitimacy of the crypto markets as they continue to develop in the mainstream.”
Interested in reading more Lendingblock-related stories? Discover more about its upcoming launch plans in Coin Rivet’s interview with CEO Steve Swain.