Gibraltar’s stock exchange has received an acquisition offer from a blockchain firm called Valereum. Should the offer be accepted, the Gibraltar Stock Exchange could become the first bourse where cryptocurrencies and stocks can be traded alongside and the country which still falls under British territory could become a crypto haven
While regulators are currently reviewing the offer, should it be finalized, Valereum, based in Gibraltar, will hold 80% of the Gibraltar Stock Exchange, with its owner, the Global Stock Exchange Group, keeping a 20% share.
Both companies announced their intention to complete the deal after signing an option for the acquisition back in October. Nevertheless, at the time, specifics of the acquisition had not been released to the public. The signed document states:
“The exercise of the Option and the acquisition of 80% of the GSX (the “Acquisition”) are subject to approval by the Gibraltar Financial Services Commission (“GFSC”). Valereum will seek approval from GFSC to establish the GSX as one of the world’s first fully regulated, integrated fiat and digital exchanges.”
In the report is also outlined that cryptocurrency will be integrated in the bourse if the deal passes.
While there are some concerns about the deal due to the reputation that cryptocurrencies still have, especially when it comes to anti-money laundering efforts, Valereum’s chairman is positive.
Understanding that it will be a huge challenge to overhaul an exchange that is currently staffed by only three employees, and will require a change in Gibraltar’s crypto regulations, Poulden is confident to rely on the right technology for this.
According to Poulden:
“[Anti-money laundering checks on cryptocurrencies] are not vastly different from running it on currency from any any other source. And indeed, in some cases, because you can trace back through the blockchain and see exactly where that money has come from, it can actually be substantially easier than trying to find where a block of funds in a bank has come from.”
The Gibraltar Financial Services Commission has not yet commented on the Valereum deal.
Gibraltar is known to be a good place for crypto businesses. On December 7, Gibraltar announced to start integrating blockchain technology into public services. Cryptocurrency platform, eToro is licensed by the Gibraltar Financial Services Commission and recently, Chinese crypto exchange Huobi Global moved its trading services to Gibraltar after being persecuted in its home country.
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Source: Igaming
