Bitso becomes the first Latin-American company to receive DLT licence in Gibraltar
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.
“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,” said caretaker minister for Commerce, Albert Isola.
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.
“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,” said Daniel Vogel, co-founder and CEO of Bitso.
“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,” Mr Isola added.