According to a recent report, cryptocurrency custodian Xapo is preparing to become a “mature bank” in the British Overseas Territory of Gibraltar. A partner at the international law firm Isolas LLP said that the region, located at the southernmost tip of the Iberian Peninsula, has also been expanding “the regulatory standards for digital asset transactions.”

Just recently, Xapo, the cryptocurrency custodian, sent out a series of emails stating that it would no longer be able to serve American customers. “Due to changes in our global business strategy, Xapo, Inc. is about to withdraw from the US market and will close all Xapo accounts of US customers. Therefore, we need you to transfer funds to an external Bitcoin address,” the company detailed.

Follow this email announcement Xapo said last spring that the company plans to become a digital bank in Gibraltar. The company revealed: “We will relaunch digital banking in the second half of this year.” On January 20, 2021, Gibraltar Minister of Finance Albert Isola told Decrypt contributor Adriana Hamacher that Xapo is building its own “mature bank” in Gibraltar.

According to Hamacher’s latest situation, the Gibraltar Minister of Finance said: “Xapo has now established a mature bank in Gibraltar.” report.

In addition to the speech of Alberty Isola, partner of the international law firm Isolas LLP, Joey Garcia detailed On Tuesday, Gibraltar will expand its regulatory guidelines on digital asset trading. Garcia is also a board member of the IOV Labs (RSK) team and custodian Xapo.

“The framework is designed to guide those who have the potential to form important basic concepts for the work of other international organizations such as the Financial Action Task Force, the European Commission and the International Organization of Securities Commissions (IOSCO),” the announcement further announced. detail. Garcia also emphasized that Gibraltarians are pioneers in digital currency and blockchain innovation.

“Gibraltar has been a leader in promoting innovation and developing regulatory standards for virtual asset service providers, and we believe the tenth core principle will further help us achieve this goal,” Garcia Explanation. “In particular, the integrity of these markets has become a key international concern. Isolas’ partners said: “We have supervised some of the world’s largest groups in Gibraltar, which will keep these groups at the forefront of industry standard setting. “

The news about Xapo becoming a Gibraltar digital bank is the recent Gibraltar Financial Services Commission (GFSC) Updated instructions Suitable for distributed ledger technology (DLT) providers. In addition, Jeffrey Gogo, financial columnist at Reported The case of Canadian company 3iQ’s Bitcoin fund listed on the Gibraltar Stock Exchange.

What do you think of Xapo becoming a digital bank in Gibraltar? Let us know your thoughts on this topic in the comments section below.

Tags in this story

The tenth core principle, Adriana Hamacher, British Overseas Territories, Custodian Xapo, Digital Bank, Gibraltar Digital Bank, Mature Bank, Gibraltar, IOSCO, Joey Garcia, Xapo, Xapo Gibraltar

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