Gibraltar Stock Exchange Receives Purchase Proposal by Blockchain Firm

Gibraltar Stock Exchange Receives Purchase Proposal by Blockchain Firm

The stock exchange of Gibraltar, a British territory, has received a purchase offer by a blockchain firm called Valereum. The purchase, that is set to occur in the new year, if effective, might make the Gibraltar Stock Exchange the first bourse where cryptocurrencies and stocks could be traded with cryptocurrencies. Regulators are currently reviewing this offer. Gibraltar Could Become a Crypto Haven

Gibraltar might make history as the territory in which the first mixed bourse, with crypto assets and stocks available for investors, operates. The main bourse of the British territory, the Gibraltar Stock Exchange, has received a purchase offer from Valereum, a blockchain firm. The firm, which is based in Gibraltar, would be seeking to acquire 80% of the said bourse, with its actual owner, the Global Stock Exchange Group, keeping 20% of the company.

The two companies signed an option for this acquisition back in October, where the company announced its intention of completing this deal. However, the details of the acquisition had not been released to the public. The option reveal 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.

The report also stated that the group will seek to integrate cryptocurrency in the bourse if the deal passes. Regulatory Complications

The possible approval of the deal by regulators of the country has caused a series of reactions from experts and people observing the outcome. Richard Poulden, chairman of Valereum, is extremely positive about the deal, and has stated that this is a step in the evolution of digital assets in their way of becoming tradeable at a worldwide scale. However, not all are so optimistic about this probable deal.

Many are hesitant about the effect that this could have on the oversight that other global regulator groups, like the Financial Action Task Force (FATF), could exert on the country. Charlie Steele, a partner at Forensic Risk Alliance, a consulting firm says:

It could enable or facilitate money laundering, sanctions evasion, terrorist financing, so everyone’s wary of that as well,

Valereum also signed a purchase agreement with the Juno Group, a trust management company that will be able to provide custody services for the cryptocurrency assets acquired in the exchange, even if the deal needs to be ratified by regulators. Tags in this story Blockchain, Gibraltar, offer, option, purchase, Regulators, stock exchange, valereum

What do you think about the purchase of the stock exchange of Gibraltar by Valereum? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Twitch Co-Founder Justin Kan Launches Gaming-Centric NFT Marketplace Fractal NEWS | 10 hours ago $2.2M Worth of Bored Ape Yacht Club NFTs Stolen — Victim Says Incident Was "Arguably the Worst Night" of His Life NEWS | 16 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSouth Korean Lawmaker Says He Will Start Accepting Crypto Donations in the New Year Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItHP-Branded Servers Hijacked to Mine $110,000 Worth of Cryptocurrency

Hackers recently took control of a group of HP-branded servers and used them to remotely mine a cryptocurrency called raptoreum, according to reports. This resulted in the compromised cluster of HP machines becoming the biggest contributor to the total mining ... read more.Crypto Scammer Arrested in Bangkok After Fleeing With 500 Million Baht Mexico"s Third Richest Billionaire"s Advice: Invest in Bitcoin, Stay Away From Dollars, Euros Bank of Russia Wants to Restrict Crypto Investments by Blocking Card Payments, Report Reveals The Opendao Gives Xmas Airdrop to Opensea Users