Fintech group GSTechnologies Ltd (LSE:GST) continues to make “significant” progress in its stablecoin application for admission to the UK Financial Conduct Authority (FCA)’s Regulatory Sandbox.
The London-listed company’s application, as announced on 20 February of this year, continues to be processed by the FCA, though the approval process has extended beyond the anticipated timeframe, according to GSTechnologies’ corporate update.
A decision regarding the application has not been made at this time, but the FCA continues to actively consider the application, and GSTechnologies remains fully engaged with the ongoing process with the regulator.
The company said it “remains confident in the merits of its application and continues to expect a response from the FCA in the coming weeks”.
In other company news, GSTechnologies’ subsidiary Angra, an FCA-approved authorised payment institution operating under the AngraFX brand name, continues to perform well and in line with the board's expectations.
Development is also continuing for the Lithuania-based GS20 cryptoasset exchange.
GS20 offers spot and over-the-counter trading desk services for popular cryptoassets to a controlled group of retail account holders, as well as a select number of institutional participants, including existing customers of Angra.
It was soft launched in November 2022, has progressed in accordance with the company's plans, and valuable feedback has been received from the initial participants.
Development of the exchange continues and the company anticipates a broader rollout in the second half of 2023.
Commenting on the developments, GSTechnologies stated: “With the Angra and GS20 Exchange platforms in place, the FCA Regulatory Sandbox application being progressed, and continued progress being made on the development of the company's GS Money solutions, the company remains well positioned as a global fintech group to generate significant value from its suite of GS Money solutions.”