Bitso becomes first Latin-American company to receive DLT licence in Gibraltar
Gibraltar – October 8th 2019 – The Gibraltar Financial Services Commission (GFSC) has awarded a full Distributed Ledger Technology (DLT) licence to Mexican cryptocurrency exchange Bitso. Following a rigorous application process, Bitso can now store and transmit value belonging to others using blockchain technology.
Gibraltar’s Minister for Commerce, The Hon Albert Isola MP, said, “Receiving a full DLT licence is a testament to Bitso’s strict adherence to the nine core principles underpinning Gibraltar’s DLT regulatory framework. Designed to protect consumers and businesses using digital assets stored or transmitted on distributed ledgers, these regulatory principles include risk management processes, effective corporate governance, and security controls to combat financial and cyber crime.”
Introduced in January 2018, Gibraltar’s DLT legislation is the world’s first purpose-built regulatory framework for businesses using blockchain or DLT. The framework has been informed by an open dialogue between regulators and industry figures, establishing adequate levels of flexibility for projects to thrive.
Daniel Vogel, co-founder and CEO of Bitso said, “Receiving a DLT licence from the Gibraltar Financial Services Commission represents a significant seal of approval for our exchange, and highlights our commitment to providing the most robust trading experience possible for our users. We are excited to begin this exciting new chapter with the core values of security, transparency, and trust firmly rooted in our service offering.”
“Bitso will be an excellent flag bearer for Gibraltar’s DLT framework as they join the growing number of licenced DLT providers operating in our jurisdiction. Gibraltar’s rise as a global DLT leader has been spectacular, and we continue to attract interest from a diverse range of blockchain projects. I look forward to seeing the wave of activity continue in the months ahead,” concluded Minister Isola.
Minister for Commerce, The Hon Albert Isola MP is available for interview.
A British Overseas Territory, Gibraltar is a self-governing and self-financing democracy that has established itself globally as a reliable centre for the blockchain and digital assets industry. In January 2018, Gibraltar became the very first jurisdiction globally to introduce legislation around Distributed-Ledger-Technology (DLT), and has since asserted its position as a leading blockchain and cryptocurrency hub. With Gibraltar’s core values of regulation, reputation and speed to market at the foundation of its efforts within the blockchain industry, Gibraltar is now globally renowned for its commitment to creating a sustainable and secure regulatory framework for blockchain, as well as being one of the leading proponents in the advancement of the technology.
For more information please visit http://www.gibraltarfinance.gi/en/home
About The Hon Albert Isola MP
The Honourable Albert Isola MP is Gibraltar’s Minister for Commerce with the primary responsibility of raising Gibraltar’s profile as an established onshore, mainstream, well-regulated financial services centre. Working closely with the financial services regulator, the Financial Services Commission, he is responsible for financial services policy, product development, and responding to international initiatives such as international tax compliance. Minister Isola played a leading role in the establishment of the Gibraltar International Bank, a first for Gibraltar as a home-grown full-service credit institution.
Lorcan Byrne — Consultant
P: +353 87 333 3104