On May 24th Oxygen’s founders, CEO Alex Grebnev and COO Alex Melikhov, presented Oxygen to the Gibraltar Financial Services Commission (GFSC) in order to become one of the first businesses to operate within the regulatory framework developed specifically for blockchain-related businesses.
Alex Grebnev said, “Operating under the legislative framework of Gibraltar means giving our customers peace of mind. They can be assured that Oxygen has capital adequacy, a sound business plan and strategy, as well as controls and systems enabling us to look after our clients.”
During the presentation in Gibraltar, Oxygen’s executives presented the business to the regulators and explained how Oxygen will meet GFSC principles. They also dived into the background of key members of the team and explained the business plan and financial projections in more detail.
Alex Melikhov noted, “The requirements of the GFSC are rigorous. We are happy to go through the entire process to provide our customers with the confidence that Oxygen can be trusted. Our technology, business, operational, financial and risk management functions are well thought through. Regulation helps confirm the standard.”
On December 20th 2017 Oxygen was officially incorporated in Gibraltar. On March 31st 2018 the team applied to be authorized under Gibraltar’s DLT Regulatory Framework. Oxygen has already completed several stages of the DLT Application Process. During Oxygen’s Initial Application, the GFSC assessed the risks and complexity of Oxygen’s proposed business model and activity. The next step was an assessment of the complete application, after which the GFSC invited Oxygen to deliver a presentation, an integral part of the authorization process.