GSTechnologies Ltd - Milton Keynes, England-based information technology solutions company - Says UK Financial Conduct Authority stablecoin application continues to be processed, after having been extended beyond anticipated timeframe. Adds, its subsidiary, Angra, continues to perform in line with its expectations.
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: 0.98 pence, down 15% on Friday
12-month change: down 21%
By Sabrina Penty, Alliance News reporter
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Gstechnologies (GST)