Bitso receives DLT license from the GFSC 05 August 2019Saint Peter Port Reporter: Jenna Lomax
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Bitso, a Latin America-based exchange, has received its full license as a distributed ledger technology (DLT) provider in Gibraltar, from the Gibraltar Financial Services Commission (GFSC), with assistance from ISOLAS.
The DLT framework that applies to Bitso ensures that the custody, withdrawals, and trading of cryptocurrencies, available on the exchange’s platform, will operate within a regulated environment.
The license makes Bitso the first Latin American exchange platform to be licensed and regulated by the GFSC.
Bitso has been involved in the enactment of fintech law in Mexico and participated in many national and international forums to encourage and support the development of the right legal and regulatory framework for the space.
Since the introduction of DLT licences in Gibraltar on 1 January 2018, ISOLAS has worked on the majority of applications.
Daniel Vogel, co-founder and CEO of Bitso, said: “After a lot of discussions, a lot of study and a lot of work, we concluded that the Gibraltar regulation was perfectly suitable since it is conveyed through the application of principles rather than rigid rules.”
Joey Garcia, head of fintech practice at ISOLAS, commented: “The GFSC license ensures that there is a robust framework in place for the protection and security of crypto users who would like to interact and use the underlying technology or gain access to the asset class through the right interactive tools, such as a regulated exchange platform.”
“We are delighted to welcome Bitso to participate in the evolution of the regulated space in Gibraltar and to have been able to support them on their journey.”
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