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GSTechnologies Ltd on Tuesday said it has appointed Pinsent Masons LLP as its legal advisor to assist with its stablecoin application for admission to the UK Financial Conduct Authority Regulatory Sandbox.
Shares in the Milton Keynes, England-based fintech and information technology company were up 8.1% to 1.27 pence each in London on Tuesday afternoon.
GSTechnologies said the FCA Regulatory Sandbox provides a production environment for firms to test innovative propositions in the market with real consumers.
To assist with this process, the company has appointed Pinsent Masons as its legal adviser.
Pinsent Masons will advise GS Fintech Ltd, the company's blockchain focused unit, on its application and business plan. It will ensure the proposed technical and operational procedures are compliant with all electronic money and relevant payments regulations in the UK.
GSTechnologies said that the FCA Regulatory Sandbox application is a ‘key pillar’ of its stablecoin activities, in a number of jurisdictions.
‘Taking appropriate advice, the company has identified the UK government's openness to the industry, the UK regulatory authorities' commitment to cooperating with industry partners, and the UK's forward-looking regulatory approach to attracting stablecoin service providers as significant reasons informing the company's decision to operate and grow in the UK,’ the company explained.
It added that it aims to be the ‘first publicly quoted company to obtain an electronic money institution licence from the FCA’ and provide stablecoin-based payments in the UK market.
Chair Tone Goh said: ‘Since the launch of GS Money stablecoins in late November of 2021, our testing has been largely restricted to companies under GST's direct control. Applying to the Regulatory Sandbox changes that.’
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