Fun

Crypto Custodian Xapo Set to be a Digital Bank in Gibraltar

News Feed - 2021-01-21 12:01:58

Crypto Custodian Xapo Set to be a Digital Bank in Gibraltar


According to a recent report, the cryptocurrency custodian Xapo is getting ready to become a “fully-fledged” bank in the British Overseas Territory of Gibraltar. The region located at the southern tip of the Iberian Peninsula has also been extending “regulatory guidelines for digital asset exchanges,” according to a partner at the international law firm Isolas LLP.


Just recently, the cryptocurrency custodian Xapo sent out a wave of emails that noted it would not serve U.S. customers going forward. “Due to a change in our global business strategy, Xapo, Inc. is leaving the U.S. market and will be closing all U.S. customer Xapo accounts. As a result, we’ll need you to transfer your funds to an external bitcoin address,” the company detailed.



This email followed the announcementXapo made this past spring when it said that the company plans to become a digital bank in Gibraltar. “We will be relaunching as a digital bank late this year,” the company disclosed. On January 20, 2021, Gibraltar’s Finance Minister Albert Isola told Decrypt contributor Adriana Hamacher, that Xapo is establishing themselves as a “fully-fledged bank” in Gibraltar.


“Xapo have now established themselves in Gibraltar as a fully-fledged bank,” Gibraltar’s Finance Minister said, according to Hamacher’s recent report.


In addition to the statement made by Albert Isola, the partner at the international law firm Isolas LLP, Joey Garcia detailedon Tuesday how Gibraltar is extending regulatory guidelines for digital asset exchanges. Garcia is also a board member of IOV Labs (RSK) groups and the custodian Xapo.


“The framework aims to guide those who have the potential to form important foundational concepts for the work of other international organisations, such as the Financial Action Task Force, the European Commission and the International Organization of Securities Commissions (IOSCO),” the announcement further details. Garcia also stressed that Gibraltarians are forerunning pioneers when it comes to digital currency and blockchain innovation.


“Gibraltar has long been a leader when it comes to fostering innovation and in the development of virtual asset service providers’ regulatory standards and we are confident the 10th Core Principle will aid us even further in our mission to achieve this,” Garcia explained. “Particularly as the integrity of these markets is such a key focus internationally. We already have some of the largest groups in the world regulated in Gibraltar and this should continue to place those groups at the forefront of standard-setting in the industry,” the Isolas partner said.


The news about Xapo becoming a digital bank in Gibraltar follows the Gibraltar Financial Services Commission’s (GFSC) recently updated guidance notesfor distributed ledger technology (DLT) providers. Additionally, news.Bitcoin.com’s financial columnist, Jeffrey Gogo reportedon the Canadian firm 3iQ’s bitcoin fund getting listed on the Gibraltar Stock Exchange.


What do you think about Xapo becoming a digital bank in Gibraltar? Let us know what you think about this subject in the comments section below. Hip-Hop Star Soulja Boy Examines Crypto, Considers Creating His Own NFT Collectibles NEWS | 14 hours ago Freedom Fighting Atilis Gym Chooses to Accept Crypto Donations- BCH Supporters Set Gym Up With an Uncensorable Fundraiser NEWS | 3 days ago Tags in this story 10th Core Principle, Adriana Hamacher, British Overseas Territory, custodian Xapo, digital bank, digital bank in Gibraltar, fully-fledged bank, Gibraltar, IOSCO, Joey Garcia, Xapo, Xapo Gibraltar


Image Credits: Shutterstock, Pixabay, Wiki Commons, Xapo logo Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Animoca Brands and Venture Accelerator Brinc Launch $30 Million Play-to-Earn Guild Fund
Animoca Brands and Venture Accelerator Brinc Launch $30 Million Play-to-Earn Guild Fund The blockchain firm Animoca Brands announced the company has partnered with the venture acce
Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions About Further Fed Rate Hikes
Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions About Further Fed Rate Hikes Bank of America, Goldman Sachs, JPMorgan, and UBS have shared their predictions about t
CFTC Chairman: US Must Lead the World in Crypto With Less Restrictive Rules
CFTC Chairman: US Must Lead the World in Crypto With Less Restrictive RulesThe chairman of the Commodity Futures Trading Commission (CFTC) has called on other regulators to establis
An African Perspective on Why the World Needs Cryptocurrencies
An African Perspective on Why the World Needs Cryptocurrencies Rising cryptocurrency use in Africa over the past few years has not only shown that digital currencies are now a vita
Crypto Gambler Wins $75,000 with a $31 Bet on ‘Book of Aztec’ at Bitcoin.com’s Casino
Crypto Gambler Wins $75,000 with a $31 Bet on ‘Book of Aztec’ at Bitcoin.com’s Casino Book of Aztec dishes out a massive round win worth a little under 2 B
P2P Bitcoin Exchange Paxful Suspends Marketplace With Uncertainty of Return
P2P Bitcoin Exchange Paxful Suspends Marketplace With Uncertainty of Return According to a message from Paxful Founder and CEO, Ray Youssef, the peer-to-peer bitcoin trading platfo
Tom Mitchelhill2 hours agoCrypto firms won’t leave US despite apparent hostility: Merkle Science CEOMerkle Science CEO Mriganka Pattnaik has offered a “contrarian” take, explaining that crypto firms won’t vanish
DMEX: No-KYC Derivatives DEX With up To 100x Leverage
DMEX: No-KYC Derivatives DEX With up To 100x Leverage DMEX is a decentralized anonymous margin trading exchange that doesn’t require KYC checks, simply gen
Uniswap CEO warns US President to reverse course on crypto policies
Turner Wright5 hours agoUniswap CEO warns US President to reverse course on crypto policiesHayden Adams suggested that crypto policies from the SEC and Senator Elizabeth Warren could hurt President Joe Biden’s chances
Guneet Kaur8 hours agoBulls make money, bears make money, pigs get slaughteredBullish investors profit from rising markets, bearish investors profit from falling markets, while "pigs," often suffer losses in ri
Market Update: Uncertainty Remains Thick as Bears Claw Bitcoin Price Below $6K
Market Update: Uncertainty Remains Thick as Bears Claw Bitcoin Price Below $6K Bitcoin’s price has been dragging downward and on March 29, BTC’s fiat value slipped be
Tom Blackstone4 hours agoUS Justice Dept reportedly ready to settle with Binance for $4BAccording to a report, an agreement to settle Justice Department charges against the company may be settled by the end of the month.