After going through a 15-month long and rigorous process as per the legal guidance of PRT lawyers and the Gibraltar authorities, Quedex has ultimately received a license to operate.
In a specific Medium post, explaining the details and the effect of the new license, Gibraltar-based crypto derivatives exchange Quedex is the first firm of its kind to obtain Distributed Ledger Technology (DLT) license across the world.
The whole process to obtain the license took 15 months of hard work, which involves firm's lawyers working with the authorities to ensure that the exchange fulfills all the demands of the GFSC's standards.
The DLT regulatory license became a compulsory requirement for companies using Blockchain in their operations to trade from January 2018. Thus, Quedex, which handles crypto-based futures and options contracts and some institutional investors is free to trade in Gibraltar.
License Ensures Quedex Some Benefits
Based on the exchange, the permit will effectively enable them to “hedge against cryptocurrency volatility” but operating in a monitored environment. It will be providing its services to various clients, that include miners, hedgers, and active traders, providing them a chance to operate in a secure, transparent, and fully developed financial platform.
This is not an accident that Quedex is the first exchange dealing with the cryptocurrencies to obtain the DLT license. The platform falls under a few new generation firms working hard ‘layer two’ crypto asset-based financial infrastructure.
Keeping in mind the volatility as one of the biggest concerns linked with the crypto industry, having such a support system would make Quedex's services more attractive. Wiktor Gromniak, who is the CEO and co-founder of the platform, said:
"In order for the crypto industry to mature and to welcome more institutional investors into our tent it is of the essence that we create transparent financial markets and develop sophisticated financial products, such as futures and options. Being licensed by a very well respected and forward thinking jurisdiction like Gibraltar is a landmark moment for this industry in general and Quedex specifically."
Hon Albert Isola MP, who is country's Minister of Finance, praised a lot of Quedex. He said,
“From early on in the process Quedex has shown admirable commitment to Gibraltar’s principles-based approach to regulation and I am pleased that they will join the growing group of licensed firms operating from Gibraltar in this evolving space."
As per him, the list of DLT licensed firms is strong enough to sustain the industry and prove that Gibraltar is leading the way in the industry.
Quedex is Adding Altcoins Soon
With BTCUSD live trading in space, Quedex is looking forward to expanding its portfolio to cover altcoins. The exchange currently looks after all the hedging and handling trading requirements in a highly volatile crypto market.