Gibraltar Stock Exchange Receives Purchase Proposal by Blockchain Firm – Bitcoin News

A Valereum, a cryptocurrency firm, offered to buy the Gibraltar Stock Exchange, which is a British territory. If successful, the purchase is expected to take place in January. It could make the Gibraltar Stock Exchange one of the first places where stocks and cryptocurrencies can be traded. This offer is currently being reviewed by regulators.

Gibraltar may become a Crypto Haven

Gibraltar could be history’s first mixed bourse with both crypto-assets and stock available to investors. Valereum, an blockchain company, offered to buy the Gibraltar Stock Exchange as the main bourse. This firm is located in Gibraltar and would seek to buy 80% of that bourse. The Global Stock Exchange Group will keep 20%.

In October, the companies agreed to an option on this acquisition. The company then announced that it would close this transaction. But, details about the acquisition have not yet been made available to the public. According to the option reveal document:

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.

According to the report, the group also plans on integrating cryptocurrency into the bourse in the event that the deal is approved.

Regulation Complications

There have been a variety of reactions to the possible approval by country regulators. Chairman of Valereum Richard Poulden is very positive about this deal. He stated that it is an important step towards the development of digital assets and their ability to be traded on a global scale. Not all people are optimistic about the deal.

Many people are concerned about what this may mean for the oversight of other international regulator groups like the Financial Action Task Force. Charlie Steele is a partner in Forensic risk Alliance (a consulting company):

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

Valereum signed also a purchase agreement to Juno Group. The trust management firm will be in a position to offer custody services for cryptocurrency assets purchased on the exchange.

How do you feel about Valereum’s purchase of Gibraltar’s stock exchange? Comment below.'
Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. Sergio is a cryptocurrency journalist based in Venezuela. He says he was late to the party, having entered the cryptosphere during the December 2017 price increase. He is a Venezuelan computer engineer with a background in social engineering and has been impacted by cryptocurrency’s boom on a personal level.

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