Last checked at 30 Jun 2023 10:38
30 June 2023
GSTechnologies Limited
("GST" or the "Company" or the "Group")
Stablecoin Update
GSTechnologies Limited (LSE: GST), the fintech company, provides an update on the Company's stablecoin application for admission to the UK Financial Conduct Authority ("FCA") Regulatory Sandbox (the "Application"), as announced on 20 February 2023.
The Company has been informed by the FCA that they have concluded that the Application does not currently meet the FCA's strict criteria for admission to the FCA Regulatory Sandbox. As an alternative the FCA have offered the Company a place on their Innovations Pathway programme, an initiative designed to support financial services firms in launching innovative products and services, which the Company is pleased to accept.
Under the FCA Innovation Pathway programme, the Company will be provided with a dedicated FCA case officer, with a comprehensive range of support services, designed to assist GST to further develop the appropriate path for the progression of its stablecoin plans. This may involve a future Regulatory Sandbox application or preparation for regulatory authorisation without the need for supervised testing.
The Company will make further announcements in due course, as appropriate.
Tone Goh, Chairman of GST, commented: "Since the launch of GS Money stablecoins in late November 2021, we have made considerable progress, not only in this area but also with our other GS Money offerings. Although we initially viewed admission of our stablecoins to the FCA Regulatory Sandbox as an ideal next step, we understand and appreciate the FCA's rigorous admission criteria. Therefore, we are very pleased to have been offered a place on their Innovations Pathway programme. This opportunity will enable GST to benefit further from the guidance of the FCA and I would like to thank them for their assistance and feedback through the application process. We do not view this as a setback in any way, but rather as an alternative and appropriate pathway offered by the FCA. We look forward to providing further updates, as appropriate, as we progress."
Enquiries:
The Company
Tone Goh, Executive Chairman
+65 6444 2988
Financial Adviser
VSA Capital Limited
+44 (0)20 3005 5000
Simon Barton / Thomas Jackson
Broker
CMC Markets
+44 (0)20 3003 8632
Douglas Crippen
Financial PR & Investor Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring / Florence Chandler
+44 20 (0) 3934 6630
gst@investor-focus.co.uk
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").