Xapo Awarded Distributed Ledger Technology Permission from the Gibraltar Financial Services Commission

February 28, 2020

Xapo is proud to announce that on December 23, 2019, our entity Xapo Blockchain Limited received Distributed Ledger Technology (DLT) permission from the Gibraltar Financial Services Commission (GFSC). This permission authorises Xapo Blockchain Limited to use distributed ledger technology for storing or transmitting value belonging to others by providing dealer services and by issuing fiat stabilised virtual assets.

Security has always been and will continue to be our top priority. Xapo chose to take on the intensive application process for this permission in an effort to maintain the best standards of innovation and security.

The DLT Regulatory Framework helps us protect our Customers even more by:

  • Holding us accountable for the highest level of performance
  • Requiring us to follow internationally recognized industry standards
  • Making us abide by fundamental principles such as honesty, integrity, security, and resilience

Albert Isola, Minister for Digital and Financial Services, HM Government of Gibraltar commented, “I was delighted when advised that Xapo Blockchain Limited had been awarded a DLT Providers Licence by the Gibraltar Financial Services Commission. Xapo are rightly recognised as a leading firm in the technology innovation industry. They have been very welcome in Gibraltar through all the stages of the development of our ecosystem having initially contributed to the thinking behind the creation of the DLT Regulatory Framework. I congratulate the Xapo team on achieving this important regulatory milestone and look forward to a sustained and mutually beneficial relationship over the coming years.”

While this marks a huge milestone for Xapo, it is only the first step. In the coming weeks, we will finish setting up Xapo Blockchain Limited and invite our existing Xapo Hong Kong users to migrate. We are working to ensure that the migration process is as smooth as possible. We will communicate that plan to our Customers directly as soon as it is ready.

This announcement comes after months of diligent collaboration with regulators, auditors, and legal advisors to substantiate our compliance with GFSC’s strict regulatory framework. We want to express our gratitude to the Government of Gibraltar for their continued trust in Xapo and their welcoming approach to our presence in Gibraltar. We also want to thank the Gibraltar Financial Services Commission for their professionalism and competence throughout the DLT permission application process.

Thank you to all of our Customers, Partners, and Investors for supporting Xapo. Every day we work hard to earn your trust. Reflecting on this achievement, we are grateful and humbled.

Looking towards our 2020 feature Roadmap of initiatives, we plan to continue delivering great value to you, as we continue on our mission of building a safe and global way to use your money. Join us on this exciting journey!

Xapo

By

@xapo

Article published on February 28, 2020

More News

Xapo is with you during the coronavirus outbreak, and always

In light of the COVID-19 outbreak, we send our sincere condolences to those affected, and our deepest gratitude to the heroes on the front lines. No one knows how this pandemic will play out, but we are all in it together.  The safety and wellbeing of our customers and staff are of utmost importance to…

By Xapo

Xapo CEO, Wences Casares, becomes a Board Member of the Libra Association

On October 14, 2019, the first Libra Council meeting took place in Geneva and Council members elected Xapo CEO, Wences Casares, as one of its first 5 board members. Wences brings expert knowledge of digital payments and cryptocurrency and a shared mission to enable people around the globe to send, receive, and store value. As…

By Xapo

Xapo sells Institutional Custody Business to Coinbase, giving focus to Consumer Business

Today, we are announcing the sale of our Institutional Custody Business to Coinbase. For Xapo, this transaction means a greater focus on our Consumer Business and a big step towards our mission to build a safe and global way to use money. At Xapo, we’re firm believers that no matter who you are or where…

By Xapo