Proactive Investors - GSTechnologies Ltd (LON:GST), the fintech and information technology solutions company, has applied for admission to the UK Financial Conduct Authority (FCA)’s Regulatory Sandbox.
The application has been submitted by GSTechnologies’ UK-incorporated blockchain-focussed business unit, GS Fintech, and the legal advisory firm Pinsent Masons has provided guidance on the application process.
The FCA Regulatory Sandbox application is a crucial pillar of the stablecoin activities that GSTechnlogies intends to carry out in strategic jurisdictions, including the UK, as outlined in the company's previous announcements.
The group’s goal remains to be the first publicly quoted company to obtain an electronic money institution licence from the FCA to issue stablecoins and provide trusted stablecoin-based payment services to the UK market and beyond.
Tone Goh, chairman of GSTechnologies, commented: "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."