Fintech firm GSTechnologies Limited said Monday that it has filed its stablecoin application for admission to the UK Financial Conduct Authority’s (FCA) Regulatory Sandbox.
The Australia-based business, which is listed in London, submitted the application via its UK incorporated blockchain focussed business unit, GS Fintech Ltd, with legal advisory firm Pinsent Masons LLP providing guidance on the application process.
GSTechnologies operates across the blockchain payments and financial services industries. It has applied for admission to the UK Financial Conduct Authority Regulatory Sandbox, which allows companies to test “innovative propositions” in the market with real consumers and provides innovators, both new and experienced, with access to regulatory expertise.
Chairman of GST, Tone Goh, stated:
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 described the FCA Regulatory Sandbox application as a “key pillar” of the stablecoin activities that it intends to carry out in strategic jurisdictions, including the UK.
The company’s goal is to be the first publicly listed firm to obtain an FCA electronic money institution licence to issue stablecoins and provide trusted stablecoin-based payment services in the UK market and elsewhere.
