REG - GSTechnologies Ltd - Stablecoin Update

GSTechnologiesAnnouncement

30/06/2023 10:45

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RNS Number : 5603E  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

+65 6444 2988

 

Financial Adviser

VSA Capital Limited

+44 (0)20 3005 5000

Simon Barton / Thomas Jackson

 

Broker

CMC Markets

+44 (0)20 3003 8632

Douglas Crippen

 

Financial PR & Investor Relations

IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Chandler

+44 20 (0) 3934 6630

gst@investor-focus.co.uk

 

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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