Bitcoin price spike as first bank with regulated access opens in Gibraltar – crypto boost
The bank, called Xapo, is an entity that specialises in cryptocurrencies. It provides a bitcoin wallet combined with a cold storage vault and a bitcoin-based debit card. Xapo has been granted a European e-money license in Gibraltar which has allowed it to provide electronic fiat money custodial and transfer services.
Gibraltar’s Finance Minister Albert Isola told news outlet Decrypt: “Xapo have now established themselves in Gibraltar as a fully-fledged bank.”
A representative from international law firm Isolas LLP, Joey Garcia spoke about how Gibraltar is extending its regulatory guidelines for digital asset exchanges.
Mr Garcia said: “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 Organisation of Securities Commissions (IOSCO).
“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.
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