Gibraltar Grants License to Local Cryptocurrency Derivatives Exchange Quedex, Making it the World’s First Crypto Futures and Options Exchange

August 1, 2019 By: Nwabundo Wisdom

 

Gibraltar-based cryptocurrency derivatives exchange Quedex has announced in a blog post on July 31, that it has been granted license to operate as crypto derivatives service provider by the Gibraltar Financial Services Committee (GFSC), making it the world’s first crypto futures and options exchange.

Per the report, Quedex was granted a Distributed Ledger Technology (DLT) Providers license, which makes it legally eligible to provide crypto derivative services which include Bitcoin (BTC) futures, and other crypto custodial services.

Quedex noted that getting licensed by the Gibraltar Financial Services Commission was not an easy feat, as it had to work with the authorities in Gibraltar for 15 months in order to satisfy all regulatory requirements that were demanded of it by regulatory authorities.

As at the time of the report, Quedex had already launched support for Bitcoin-based derivatives trading and it subsequently working to provide support for several altcoins very soon.

Speaking on the development as noted by the report, the CEO and co-founder of Quedex, Wiktor Gromniak, disclosed that the license will help the company to attract more institutional investors into the cryptocurrency industry. He also noted that the license will create financial markets that are transparent and further improve futures and options products.

The Minister for Commerce in Gibraltar, Albert Isola, expressed his pleasure over Quedex’s licensing, saying that Distributed Ledger Technology licensed firms will help propel the cryptocurrency industry into a “maturing and sustainable industry and demonstrate that Gibraltar is leading the way in this industry.”

 

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