GSTechnologies Ltd GS Money Stablecoin Regulatory Sandbox Application (1813Z)
September 13 2022 - 2:10AM
UK Regulatory
TIDMGST
RNS Number : 1813Z
GSTechnologies Ltd
13 September 2022
13 September 2022
GSTechnologies Limited
("GST" or the "Company" or the "Group")
Appointment of Pinsent Masons LLP to commence
GS Money Stablecoin Regulatory Sandbox Application
GSTechnologies Limited (LSE: GST), the fintech and information
technology solutions company, is pleased to announce that the
Company has appointed Pinsent Masons LLP as its legal advisor to
assist with the Company's stablecoin application for admission to
the UK Financial Conduct Authority ("FCA") Regulatory Sandbox.
Founded on the precept that innovation and technology can benefit
consumers and the financial services industry, the FCA Regulatory
Sandbox provides a production environment for firms to test
innovative propositions in the market with real consumers.
To assist with the FCA Regulatory Sandbox application process,
the Company has appointed Pinsent Masons LLP as their legal
adviser. The application is intended to be submitted by GST's UK
incorporated blockchain focussed business unit, GS Fintech Ltd ("GS
Fintech"). The Pinsent Masons team will advise GS Fintech on its
application to the FCA, including helping in refining GS Fintech's
stablecoin business plan. They will also support GS Fintech's
activities in ensuring the proposed technical and operational
procedures are compliant with all electronic money and relevant
payments regulations in the UK.
The FCA Regulatory Sandbox application is a key pillar of the
stablecoin activities that the Group intends to carry out in
strategic jurisdictions, including the UK, as outlined in the
Company's announcement on 30 June 2022. The Company has undertaken
significant research to analyse the impact of global stablecoins
and the regulatory requirements in each leading jurisdiction.
Taking appropriate advice, the Company has identified the UK
Government's openness to the industry, the UK regulatory
authorities' commitment to cooperating with industry partners, and
the UK's forward-looking regulatory approach to attracting
stablecoin service providers as significant reasons informing the
Company's decision to operate and grow in the UK.
Utilising the FCA Regulatory Sandbox is designed is to encourage
more participants to experiment with the Company's fiat-linked
(full-reserve backed) stablecoins and conduct stress tests in the
stablecoin-based payment system, in a similar manner to how it
performs in the banking world. Ultimately, the Company's goal is 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 payments services to the UK market and
beyond.
Further announcements will be made in due course, as
appropriate.
Tone Goh, Chairman of GST, commented: "Since the launch of GS
Money stablecoins in late November of 2021, our testing has been
largely restricted to companies under GST's direct control,
applying to the Regulatory Sandbox changes that.
"We believe the UK market is in need of a trusted UK-based
provider to offer regulated electronic money and payment activities
specifically related to stablecoins. I believe GST has the
technology and operational readiness to be a leader in this
business."
Enquiries:
The Company
Tone Goh, Executive Chairman +65 6444 2988
Financial Adviser
VSA Capital Limited +44 (0)20 3005 5000
Simon Barton / Pascal Wiese
Broker
ETX Capital +44 (0)20 7392 1400
Tom Curran / Thomas Smith
Financial PR & Investor Relations
IFC Advisory Limited +44 20 (0) 3934 6630
Tim Metcalfe / Graham Herring / Florence gst@investor-focus.co.uk
Chandler
For more information please see:
https://gstechnologies.co.uk/
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
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