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Due to recent advances in nanosatellite technology, it is now feasible to integrate scintillators with an effective area of hundreds of square-centimeters on a single three-unit cubesat. We present the early test results for the digital payload electronics developed for the proposed CAMELOT (Cubesats Applied for MEasuring and LOcalising Transients) mission. CAMELOT is a fleet of nanosatellites intended to do full-sky monitoring and perform accurate timing-based localization of gamma-ray transients. Here we present the early results on the GPS timestamping capabilities of the CAMELOT payload electronics, concluding that the investigated setup is capable to timestamp the received gamma-ray photons with an accuracy and precision better than 0.02 millisecond, which corresponds to a timing based localization accuracy of \(\sim 3.5^{\prime}\). Further refinements will likely allow us to improve the timing accuracy down to the sub-microsecond level.