Blockchain project GLITCH recently requested that the Zico Law Singapore review its token.
Yesterday, May 2nd, the project announced that the review was complete, and that the token is not a security.
With this legal opinion finalized, the project has now removed a major barrier towards listing on major crypto platforms.
According to its recent announcement, blockchain OS project GLITCH (GLCH) was deemed not to be a security by the Singapore’s financial authorities, and this legal opinion will allow the token to be listed on the leading local exchanges.
Ever since the ICO craze of 2017, the financial authorities around the world have been on the hunt for security tokens masquerading as utilities. This has primarily been the issue in the US, or at least, the US SEC has been the loudest about their pursuit of these tokens. However, the fact is that there were a lot of these tokens, and according to different financial authorities, the said token may or may not be a security.
One example is Ripple’s XRP, which is considered a security in the US, but not in Asia or Europe. This is the biggest reason why some tokens, popular in some parts of the world, are not available in others, as exchanges do not wish to anger the financial watchdogs by listing these tokens.
These days, in the era of DeFi tokens, the same issue continues to persist, which is why many projects have requested that the financial authorities review them and give the green light so that they could try to get listed on the world’s biggest exchanges.
One of the biggest examples of this right now is Glitch, which requested to be reviewed by Zico Law Singapore. Yesterday, the project announced on their Twitter account that the review was completed, and the token was finally confirmed not to be a security.
Glitch Is One Step Closer to Achieving Its Goal
The project’s announcement shared that Singapore’s financial authority finalized their required legal opinion and that it is beneficial for Glitch and its token, GLCH. Now, GLCH will have the chance to be listed on top-tier exchanges in this part of the world, which will bring exposure and an abundance of new users, not to mention that it will boost the project’s volume, and potentially its price and demand.
Glitch itself is a project that aims to offer a development platform for financial dApps. The focus here is on ‘financial,’ as the project aims to tackle the DeFi dApps sector, specifically. That means that other types of dApps are not the goal here. Glitch offers a variety of features and benefits specially created to make crypto payments and transactions as fast and as seamless as possible.
Its ultimate goal is to provide a scalable network and solve the issues that have been plaguing most other blockchains, starting with Ethereum. Due to its inability to scale and meet the demand, Ethereum has already started losing users, developers, and projects that would have otherwise likely launched on its platform. Glitch aims to be a go-to alternative, and so far, it has been doing rather well in that regard.
The project also recently integrated with BSC, as this chain is one of the best alternatives to Ethereum these days.