The Gibraltar Financial Services Commission has granted an e-money license to digital wallet provider Xapo Limited. The move is a result of the HM Government of Gibraltar’s proactive approach to Distributed Ledger Technology regulation.
“I am delighted to welcome Xapo to Gibraltar with their professional and highly experienced team to our jurisdiction,” minister for commerce Albert Isola said. “Xapo have shared their expertise with us and the GFSC in the development of our DLT regime from its inception two years ago, and I am confident that they will continue to contribute to the development of Gibraltar as a centre of excellence in this exciting sector.”
“We are delighted to have received our license in Gibraltar,” Xapo CEO Wences Casares said. “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 centre and Fintech hub.
“Looking back at Xapo as a Palo Alto startup in 2013 we have come a long way and are excited about the future. Xapo’s vision is one of free, instant and global value transfer and the development of inclusive financial services. I would also like to thank Joey Garcia and the team at ISOLAS and the Gibraltar Financial Services Commission for their pro-active engagement and support in our application process”.
In a statement the HM Government of Gibraltar said it believes its proposed DLT regulatory framework will continue to attract companies to the region as it balances their needs with those of consumers.