Stablecoin Update

GSTechnologies Ltd

30 June 2023

 

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

[phone]

Financial Adviser

VSA Capital Limited

[phone]

Simon Barton / Thomas Jackson

Broker

CMC Markets

[phone]

Douglas Crippen

Financial PR & Investor Relations

IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Chandler

[phone]

[e-mail]

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").

 

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