ZUBR a derivative exchange who has received an application in principle to operate in Gibraltar has stated that while it may appear easy on the eyes, it is a tedious task to operate in the country. The exchange would function as a distributed ledger technology after getting approved by the Gibraltar Finances exchange commission (GFSC). However, there’s a twist in the tale as the exchange needs to comply with 9 principles laid out by the commission else the approval might be snatched away.
The co-founder Oleg Ravnushkin has stated that ever since the start they were aware that it would be an uphill task and they would have to adapt and compromise on many levels. ZUBR addressed some issues even before the feedback was received and put up barriers in such a way that only top professionals make their way to the exchange and not retail clients.
The GFSC has been giving out licenses for a couple of years now and has nine principles or conditions that must be met by the exchanges. One of those is that they should work with honesty and integrity. While on the paper, these principles appear rather simple it’s a complicated framework.
The chief legal officer of ZUBR has elaborated the framework and stated that to just get the application they have to first submit a pre-application. It is then followed by multiple interviews, meeting with GFSC and discussions regarding their business model and outlook. He also added that a tenth principle is also in line which would add another layer of difficulty.
ZUBR Core System of Working Remains Intact
Ravnushkin, however, has confirmed that more than changes this is a procedure of fine-tuning the model and also stated that the core value and way of working of the ZUBR exchange remains unaltered. As elated as he seemed with the approval he added that a fully operational license is still a few months away.
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