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

Final Russian Nuclear Scientist Sentenced Over Illicit Crypto Mining
A Russian nuclear lab scientist will serve three years in a prison colony for illegally using government equipment to mine bitcoin. Andrey Rybkin of the All-Russian Scientific Resea
Chainalysis Launches Screening Tools Designed to Prevent Sanctions Evasion
Chainalysis Launches Screening Tools Designed to Prevent Sanctions Evasion Blockchain forensics company Chainalysis is launching two tools that will allow crypto companies to deny
Australian Bitcoin Trader Sues Banks for Systematic Discrimination
Australian Bitcoin Trader Sues Banks for Systematic Discrimination An Australian bitcoin trader has filed a lawsuit against two of the country’s biggest co
Jesse Coghlan7 hours agoCircle CEO spells doom scenario for US dollar in warning to CongressJeremy Allaire claimed the U.S. dollar is “under threat” and urged lawmakers to pass stablecoin regulation to “build trust
Bitcoin Price Could ‘Easily Double’ In A Short Time, Predicts Hedge Fund CEO
Este artículo también está disponible en español. In the latest episode of The Milk Road Show, Charles Edwards, founder of crypto hedge fund Capriole Investments, provide
As Bitcoin Rises, Why is Ethereum Struggling To Catch Up? Analyst Explains
Este artículo también está disponible en español. While Bitcoin has faced strong bullish momentum in recent weeks, achieving new all-time highs consistently for days, Eth
Bitcoin ‘Won’t Stop At $150K’ This Year, Research Firm Chief Says
Este artículo también está disponible en español. A well-known market analyst believes Bitcoin is on track to reach new highs this year. Tom Lee, the co-founder of Fundst
NFT Digital Art That Changes With Bitcoin Price Volatility Sold for Record $101,000
NFT Digital Art That Changes With Bitcoin Price Volatility Sold for Record $101,000Matt Kane’s “Right Place & Right Time,” a non-fungible token (NFT) digital artwo
DeFi TVL reaches $100B as Bitcoin pumps sentiment
Ana Paula Pereira6 hours agoDeFi TVL reaches $100B as Bitcoin pumps sentimentThe global total value locked in DeFi protocols reached $100.1 billion on March 9. These figures, however, still fall short of the $189 billion
Gift to Pope Francis Sold as NFT Raises $80,000 for Afghanistan
Gift to Pope Francis Sold as NFT Raises $80,000 for Afghanistan A carpet presented by the United Arab Emirates as a gift to the head of the Catholic Church a few years ago has been
Soccer Superstar Lionel Messi Gets Part of His Contract Paid in Cryptocurrency
Soccer Superstar Lionel Messi Gets Part of His Contract Paid in Cryptocurrency Lionel Messi, the Argentinian soccer superstar, has opted to receive cryptocurrenc
Europe needs ‘Airbus for the metaverse’ to become global Web4 leader
Tristan Greene6 hours agoEurope needs ‘Airbus for the metaverse’ to become global Web4 leaderAnalysts from the London School of Economics and Political Science say a pan-European industrial cluster is necessary for t