ISOLAS Works with ZUBR for DLT Licence

20/09/2021 Joey Garcia, Jonathan Garcia, Stuart Dalmedo

Advised by leading DLT law firm ISOLAS, the digital assets derivatives exchange becomes the first to receive a DLT licence in 2021.

ZUBR, the digital asset derivatives platform, has received its full Distributed Ledger Technology (DLT) licence issued by the Gibraltar Financial Services Commission (GFSC), following advice from leading legal firm ISOLAS LLP.

ZUBR is an instant, low-cost and transparent digital derivatives hub for traders seeking a fair and reliable gateway to crypto markets. With its GFSC-approved DLT licence – the first DLT licence to be issued this year – ZUBR becomes one of the first European digital derivatives exchange to become regulated, setting something of a standard for the virtual assets derivative space. The company is now compliant with the nine regulatory principles set out in Gibraltar’s DLT regulations, designed to protect consumers and businesses, and applying the highest principles based standards in the world to the regulated Virtual Asset Service Provider (VASP). The licensing of ZUBR in Gibraltar also differentiates the position being taken by Gibraltar in establishing new standards and requirements for virtual asset derivative trading platforms which are completely unique.

Also relevant is the news announced by FTX Trading limited (“FTX”), the leading global cryptocurrency exchange, that it has acquired ZUBR’s parent company earlier this year, allowing FTX to expand its team of developers, which will work on enhancing the underlying technology, infrastructure and products offered by both ZUBR and FTX.

Oleg Ravnushkin, Co-founder of ZUBR, said: “We are delighted to receive our full licence as a DLT provider. It was a pleasure to work with ISOLAS; the team are very well-known in the wider industry for their knowledge and expertise, which made for a smooth process. I’m also excited that our team is joining FTX as we share the same mission of providing a best-in-class, compliant platform for traders of all types. The ZUBR team is excited to leverage its own expertise in the digital asset space to help FTX achieve their goal in becoming one of the top cryptocurrency exchanges in the world.

The team was led by Partner Joey Garcia, who was assisted by Partner Jonathan Garcia and Senior Associate Stuart Dalmedo.

Joey said: “This is fantastic news for ZUBR. The last year has obviously come with its challenges, so it’s great to see innovative and developing companies like ZUBR moving forward and thriving. My team and I are really pleased with how the application went and it showcases once more that, with the right regulation and framework in place, the application of developing standards of regulation to an emerging and developing technology can allow for the right entry points for consumers in the market.”

Albert Isola MP – Minister for Digital and Financial Services said ZUBR’s licencing speaks to the continued strength of the DLT/VASP framework in Gibraltar. As we continue to work with stakeholders across industry, Gibraltar sets a high standard in the regulation of more complex virtual asset-based instruments and we are proud to be setting an example to jurisdictions across the world. ZUBR has been fully engaged in the licensing process, and we look forward to working with the company as they continue to uphold the highest standards and further strengthen Gibraltar’s reputation for DLT leadership.”

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