Nick Cowan, CEO of Gibraltar’s new GBX, a subsidiary of its Stock Exchange, specialising in blockchain-base companies has told Cointelegraph and the Financial Times that it already has “200 prospective ICOs lined up” ahead of the GBX’s official launch on 20th March.
He is delighted that so many companies want to be listed on the new Gibraltar exchange, which is pioneering regulation in this volatile and often controversial new business sector.
Having 200 already seeking to apply to launch their ICO through the GBX is quite a coup and almost matches the number of ICOs launched in 2017, which was 210. As we’re all aware, 2017 was the year when the ICO fundraising tool for projects on the blockchain suddenly took off, only to find a global audience of official bodies, especially the international regulatory bodies, growing increasingly concerned about the potential of ICOs for fraudulent activity.
Gibraltar has been keen to get ahead of the curve for some time and introduced a DLT regulatory framework in January 2018, which placed it as a leading European jurisdiction for Fintech and blockchain startups. The Rock is already renowned for its expertise in the financial sector and it has no shortage of eminent lawyers and finance experts who are able to supply these new businesses with all the advice and resources that they need to ensure compliance with it regulatory standards.
There will be no room for half-baked ICOs on Gibraltar: it is only interested in ICOs that are 100% legitimate. As its plans progress, the GBX is also putting in place a process whereby “accredited sponsors” draft the whitepapers for GBX applicants. Nick Cowan told the press that to date the GBX has had ten applications that fit these criteria. He also said it is “scaling up its regulatory team to cope with the demand to ensure it hits its target of five day turnaround on ICO applications for first response.”
Whilst ICOs face a tough landscape in other parts of the world, it seems that Gibraltar is going all out to create a regulatory environment that gives confidence to ICOs and to their investors.