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Gibraltar Hopeful Of Fintech Prospects After Latest Signing

by Amanda Banks, Lowtax.net, London
11 August, 2017

The issuance of an e-money license to bitcoin storage company Xapo (Gibraltar) Limited by the island's regulator has been noted as evidence of interest in the territory's new "Blockchain" regulatory regime.

Distributed Ledger Technology (DLT), more commonly known as Blockchain, is used to store and update data reliably online and also ensure its authenticity among several online users. It was initially put to use to record virtual currency transactions but has since been used more widely.

Several offshore and onshore international financial centers have been competing recently for business from fledgling financial technology innovators.

Announcing that the license has been granted, the Government said its framework for the regulation of Distributed Ledger Technology has attracted much international attention and said the attraction of Xapo, a premium global fintech business, to Gibraltar "augurs well for our continued development in this space."

Albert Isola, Minister for Commerce, commented: "I am delighted to welcome Xapo to Gibraltar with their professional and highly experienced team to our jurisdiction. Xapo have shared their expertise with us and the Gibraltar Financial Services Commission in the development of our distributed ledger technology regime from its inception two years ago, and I am confident that they will continue to contribute to the development of Gibraltar as a center of excellence in this exciting sector."

Wences Casares, CEO of the Xapo group, also commented: "We are delighted to have received our license in Gibraltar. After an extensive jurisdictional analysis we chose to make Gibraltar our home in respect of the exciting opportunities that our e-money license brings the group, and we look forward to being part of Gibraltar's continuing growth as an international financial center and Fintech hub."

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