Mexico-based crypto exchange Bitso has announced that it will be the first platform in Latin America to be licensed by Gibraltar Financial Services Commission (GFSC).
The exchange will be able to offer custody, withdrawals, deposits, and trading which will be completely regulated by the GFSC.
Gibraltar is one of the few regions in the world that is implementing a crypto-friendly jurisdiction with clear regulations which enables companies to adhere to compliance rules.
Bitso has stated that the license will enable it to offer services complying to regulatory requirements.
“This license gives Bitso a leading position as one of the most innovative financial services providers in LatAm and the world, by becoming the first exchange platform in LatAm, licensed and regulated by the GFSC…
The DLT License understands the modern need for robust and speedy interaction with regulators in this fast-moving area of business, while ensuring it continues to meet its regulatory and strategic objectives, bringing more protection and certainty for users.”
The license will apply to transactions based on Ripple’s technology xRapid. Bitso is one of the first exchanges that are able to move money through the XRP crypto cross-borders while being fully compliant.
“Bitso has been in continuous conversations with the Mexican financial regulators, helping in the enactment of the Fintech Law in Mexico, and actively participating in both national and international forums. Since day one, we have been pushing forward the fintech industry in the region.” –said Bitso regarding its operation in the Mexican crypto market.
xRapid lets Bitso users make fiat deposits, with the platform converting the fiat to XRP and then exchange the asset to a correspondent crypto exchange overseas. That exchange XRP is then converted back into fiat. The exchange process is executed in just a matter of minutes.
Other exchanges that use XRP’s xRapid are Bittrex, Coins.ph and Bitstamp, which adopted the technology early on.
According to Bitso, the GFSC license will come into effect starting with August 1st.
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