GSTechnologies Share News (GST)

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0.40 -0.0415 (-10.38%)

Bid:

0.35

Ask:

0.45

Spread: 0.10 (28.571%)

Market Cap: £8.34m

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IN BRIEF: GSTechnologies stablecoin application review delayed

Fri, 12th May 2023 14:30

GSTechnologies Ltd - Milton Keynes, England-based information technology solutions company - Says the expected final panel review meeting regarding the stablecoin application for admission to the UK Financial Conduct Authority regulatory sandbox will not take place. This is due to "unprecedented" levels of sickness within the FCA team. As a result, the FCA will provide a decision on the application by the end of this month, instead of mid-May as previously announced.

The company filed a stablecoin application for admission to the finance watchdog's regulatory sandbox in February. It said the FCA regulatory sandbox application is a "key pillar" of the stablecoin activities it intends to carry out in strategic jurisdictions, including the UK, adding its goal remains to be the first publicly-listed company to obtain an electronic money institution from the FCA to issue stablecoins and provide trusted stablecoin-based payments services to the UK market and beyond.

Stablecoins are cryptocurrencies whose value is pegged or tied to another currency, commodity or financial instrument.

Current stock price: 1.40 pence each, up 1.8% on Friday afternoon in London

12-month change: down 11%

By Xindi Wei, Alliance News reporter

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