The board of Digital Asset Management and its stakeholders have announced that DAM has been awarded a licence to operate as an authorised Distributed Ledger Technology Provider by the Gibraltar Financial Services Commission.
The Company’s authorisation as a DLT provider follows the Company’s year long application process with the GFSC to provide services to individual consumers, businesses and financial institutions with digital asset exchange, management and custody solutions.
The team has commented : ‘We are very proud to say that after much involved work by our team as well as efforts from the regulator, we are now among the first companies in the world to obtain a licence for digital assets. It really is a privilege to be leading the regulated environment for digital assets and we are committed to bringing best practices to a growing and highly innovative sector as time goes on. This is only the beginning of many developments on the roadmap for DAM and Gibraltar as we look to bring further services and functionalities to our customers in the future as well as develop with the jurisdiction’.
Gibraltar’s DLT regulations set out nine regulatory principles designed to protect consumers and businesses utilising digital assets stored on distributed ledgers. These regulatory principles require authorised DLT providers to have effective controls and processes around protection of client assets, corporate governance, combatting financial crime, systems and security controls and access and otherwise perform to standards of honesty and integrity.
‘The application process has been involved but it has been worth it. We are happy to build on our experiences in industry with the regulator and work on developing best practices. Many of our Clients have a Gibraltar connection and we are happy to continue working with the local and global community on fostering an industry with better best practices and integrity’.
The team’s efforts are part of the formula for the success of this authorisation, with the board also wishing to thank the Company’s advisers and of course the support of its shareholders for giving the team the support when needed.
Operating since 2017, the Company has over the past 14 months processed millions of pounds worth of digital assets through its exchange services and custody solutions for high net worth individuals and financial institutions. The Company has most recently added a number of key advisers to its extended team as well as an experienced CTO. The Company has also rolled out a number of new features to its suite of available services and looks forward to revealing further features in the coming months.
The team finally commented ‘The team truly believes that this is the end of the beginning and will allow the business to grow to an entity as envisioned by its founders – to be a firm that is able to provide best practices in the management, exchange and storage of digital assets as they exist now and as they develop in the coming years.'