Bitcoin price rises as Gibraltar’s first licensed bank opens, giving the cryptocurrency a boost.
GIBRALTAR has granted a banking license to a bitcoin bank, which has now established a physical presence in the region.
The bank, known as Xapo, is a cryptocurrency-focused organization. It offers a bitcoin wallet, as well as a cold storage vault and a bitcoin debit card. In Gibraltar, Xapo was awarded a European e-money license, allowing it to provide electronic fiat money custody and transfer services.
“Xapo have now established themselves in Gibraltar as a fully-fledged bank,” Gibraltar’s Finance Minister Albert Isola told news outlet Decrypt.
Joey Garcia, a representative from the international law firm Isolas LLP, discussed how Gibraltar is broadening its regulatory rules for digital asset exchanges.
“The framework intends to lead those with the potential to constitute essential basic principles for the work of other international organizations, such as the Financial Action Task Force, the European Commission, and the International Organization of Securities Commissions,” Mr Garcia added (IOSCO).
“Gibraltar has long been a leader in supporting innovation and developing regulatory standards for virtual asset service providers, and we are certain that the 10th Core Principle will help us even more in our aim to achieve this.
“This is especially true given how important the integrity of these markets is on a global scale.
“We already have some of the world’s largest groups regulated in Gibraltar, and this should keep those groups at the forefront of industry standard-setting,” he says.
Wences Casares, an Argentine businessman, launched Xapo to take advantage of the cryptocurrency explosion.
The bank’s physical headquarters are now located in Gibraltar’s Grand Casemates Square.
The bank is the first of its kind to open a physical branch in Europe.
Customers can handle their cyber-currency transactions through a number of ATMs located within the Xapo building.
The fact that the furniture in the bank’s headquarters was made utilizing 3D printing technology is another indication of the forward-thinking atmosphere there.
“Xapo exists to provide you with the gold standard of wealth protection,” the new bank said in a statement.
“We’re happy to be able to offer you a full range of financial instruments now that we’ve established ourselves in Gibraltar and obtained a banking license.
“Xapo is a Gibraltar Financial Services Commission-regulated licensed bank (GFSC).
“Your money is safe in a crypto-friendly financial hub with a long track record.” Brinkwire Summary News.