GSTechnologies Shares Rise on Appointment of Adviser for U.K. Regulatory Stablecoin Application

By Kyle Morris

Shares in GSTechnologies Ltd. rose 23% on Tuesday after it said that it has appointed Pinsent Masons LLP as its legal adviser for the company's stablecoin application for admission to the U.K. Financial Conduct Authority's Regulatory Sandbox.

The FCA Regulatory Sandbox provides a production environment for companies to test propositions in the market with real consumers. Using it is designed to encourage experimentation with the company's fiat-linked--full-reserve backed--stablecoins.

"We believe the U.K. market is in need of a trusted U.K.-based provider to offer regulated electronic money and payment activities specifically related to stablecoins," GSTechnologies Chairman Tone Goh said.

Shares in GSTechnologies at 0751 GMT were up 0.28 pence at 1.45 pence.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

September 13, 2022 04:23 ET (08:23 GMT)

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