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Gibraltar Stock Exchange Receives Proposal To Buy From Blockchain Company – Bitcoin News

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The stock exchange in Gibraltar, a British territory, has received an offer to buy from a blockchain company called Valereum. The purchase, which is expected to take place in the new year, if effective, could make the Gibraltar Stock Exchange the premier exchange where cryptocurrencies and stocks can be traded for cryptocurrencies. Regulators are currently reviewing this offer.

Gibraltar could become a crypto paradise

Gibraltar could go down in history as the territory in which the first mixed exchange operates, with crypto assets and stocks available for investors. The UK’s main stock exchange, the Gibraltar Stock Exchange, has received an offer to buy from Valereum, a blockchain company. The Gibraltar-based company is reportedly seeking to acquire 80% of the said stock exchange, with its current owner, the Global Stock Exchange Group, retaining 20% ​​of the company.

The two companies signed an option for the acquisition in October, where the company announced its intention to complete the transaction. However, details of the acquisition had not been made public. The option reveal the document indicates:

The exercise of the Option and the acquisition of 80% of GSX (the “Acquisition”) is subject to the approval of the Gibraltar Financial Services Commission (“GFSC”). Valereum will seek approval from the GFSC to establish the GSX as one of the world’s first fully regulated and integrated fiat and digital exchanges.

The report also says the group will look to integrate the cryptocurrency into the exchange if the deal goes through.

Regulatory complications

The possible approval of the deal by regulators across the country prompted a series of reactions from experts and people watching the outcome. Richard Poulden, chairman of Valereum, is extremely positive about the deal and said it is a milestone in the evolution of digital assets as they become globally tradable. However, not all are so optimistic about this likely deal.

Many are hesitant about the effect this might have on the oversight that other global regulatory groups, like the Financial Action Task Force (FATF), might have on the country. Charlie Steele, partner of the Forensic Risk Alliance, a consultancy firm, says:

This could allow or facilitate money laundering, the evasion of sanctions, the financing of terrorism, so everyone is wary of that too,

Valereum has also signed a purchase agreement with Juno Group, a trust management company that will be able to provide custodial services for cryptocurrency assets acquired in the exchange, although the agreement needs to be ratified. by regulators.

What do you think of the acquisition of the Gibraltar stock exchange by Valereum? Tell us in the comments section below.

sergio@bitcoin.com '

Sergio goschenko

Sergio is a Venezuela-based cryptocurrency journalist. He describes himself as late in the game, entering the cryptosphere when the price hike occurred in December 2017. Having a background in computer engineering, living in Venezuela and being impacted by the cryptocurrency boom on a social level , it offers a different point of view. on the success of crypto and how it is helping the unbanked and underserved.

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