Mexico-based bitcoin trading venue and cryptocurrency exchange Bitso has obtained a regulatory license from the Gibraltar Financial Services Commission (GFSC), according to a blog post on July 19, 2019.
Bitso Exchange Gets Regulated
As stated in its blog post, leading Mexican cryptocurrency exchange, Bitso has obtained a regulatory license from the Gibraltar Financial Services Commission (GFSC). With the licensure, Bitso exchange says its key operations will now be regulated by the GFSC, with effect from August 1, 2019.
The Bitso team declared:
“We are proud to announce that beginning on August 1, 2019, the custody, withdrawals, deposits, and trading of cryptocurrencies on our platform will be regulated by the Gibraltar Financial Services Commission (GFSC) under its purpose-designed Distributed Ledger Technology Regulatory Framework,”
While some parts of Latin America such as Bolivia and Ecuador have banned all things bitcoin and altcoins, regions like Mexico, Argentina, Venezuela, and a few others maintain a very vibrant cryptocurrency ecosystem.
However, unlike some countries in Europe, Latin American nation-states are yet to put in place amenable regulations to govern cryptocurrency exchanges and unlawful practices such as money laundering, while fostering consumer protection.
Bitso Sets Pace
Bitso, on the other hand, firmly believes that the new license solidifies its reputation as a leading and innovative financial services platform in Mexico, Latin America and the world at large.
The exchange says the GFSC validated all aspects of its services including the level of consumer protection in place, security, customer support, capital and more, before giving its stamp of approval.
Prior to this time, Bitso exchange has played an active role in the Latin American distributed ledger technology industry and taking its business a step further by obtaining the DLT license from the Gibraltar financial watchdog doesn’t come as a surprise.
Earlier in December 2018, BTCManager reported that Bitso had joined forces with other highly reputed firms present in Latin America including BIVA, Volabit, GBM, Lvna Capital and even ConsenSys, to launch the Mexican Blockchain Association.
Bitso says it has been in continuous conversation with the region’s financial regulators ever since, “helping in the enactment of the Fintech Law in Mexico.”
Since implementing the DLT Regulatory Framework in January 2018, the GFSC has given its seal of approval to a good number of bitcoin-linked startups including Huobi, Coinfloor. Covesting, Gibraltar Blockchain Exchange (GBX) and a host of others.