20th Feb 2023 12:58
(Alliance News) - GSTechnologies Ltd on Monday said it filed a stablecoin application to the UK Financial Conduct Authority for admission to the finance watchdog's regulatory sandbox.
The Milton Keynes, England-based information technology solutions company said the application was submitted via its UK-incorporated, blockchain-focused business unit GS Fintech Ltd, while Pinsett Masons LLP provided guidance on the application process.
It said the FCA regulatory sandbox application is a "key pillar" of the stablecoin activities it intends to carry out in strategic jurisdictions, including the UK, adding its goal remains to be the first publicly-listed company to obtain an electronic money institution from the FCA to issue stablecoins and provide trusted stablecoin-based payments services to the UK market and beyond.
Stablecoins are cryptocurrencies whose value is pegged or tied to another currency, commodity or financial instrument.
"We continue to make significant progress with our GS Money ambitions and the submission of the application for our stablecoins to be admitted to the FCA regulatory sandbox is a key step," said Chair Tone Goh.
"We believe the UK market needs a trusted UK-based provider to offer regulated electronic money and payment activities specifically related to stablecoins. I am confident GSTechnologies has the technology and operational readiness to be a leader in this business and I look forward to providing further updates in due course."
GSTechnologies said further announcements will be made in "due course" and "as appropriate".
Shares in GSTechnologies were up 9.7% to 0.34 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News reporter
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