GSTechnologies Limited, a fintech company, declared that it has applied to FCA Regulatory Sandbox for permission to use its stablecoin.
GSTechnologies made an application for admission to the UK Financial Conduct Authority Regulatory Sandbox with the help of legal advisors Pinsent Masons LLP.
The company works with blockchain payments and financial services. And the Sandbox will provide them with an opportunity to experiment with their innovative products and services using real customers. While also getting access to regulatory expertise.
Chairman of GST, Tone Goh, said:
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. 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 GST 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 explained that applying to the FCA Regulatory Sandbox is an essential part of the organization’s plans to issue stablecoins and offer reliable payment services related to stablecoins in the UK and other locations. They hope to be the first publicly listed company to get an FCA electronic money institution license.
Read more: Payoneer Gets Approved for UK Financing (brokerstimes.com)
