At Bitso we believe that we should all be free to use our money when and how we want, without borders or timetables and that we all have the right to access safe, fast, efficient financial services without expensive fees, which also go with the digital life we currently live. We understand that in order to offer a service that meets these objectives, the use of new technologies is fundamental, and to achieve this, the best standards and practices are needed to help users be more protected.
That is why today we are excited to announce that from August 1st 2019, custody, as well as the sending, withdrawal and trading of cryptomoney, will be regulated by the Distributed Ledger Technology Regulatory Framework licence of the Gibraltar Financial Services Commission (GFSC). This is a legal framework built specifically to regulate businesses like ours, with consumer protection and safety as two of the key issues.
Obtaining this license positions Bitso as one of the main promoters of financial innovation in Latin America and the world, by becoming the first exchange in Latin America and the sixth company globally to be endorsed and regulated by a GFSC license.
As a Bitso user this is excellent, since the crypto-currency services you interact with daily will be regulated under European standards of great confidence in the matter. This means that the GFSC in Gibraltar has validated, in different areas, the service that Bitso offers you; which includes: high security standards, effective money protection measures, proper management of internal finances, fair and transparent communication, honesty and care for our clients, among other things. In a few words, you will have more security, transparency and confidence when interacting with your crypto currencies within our platform and App.
Bitso was the first exchange in Mexico, and also the first to engage in conversation with the country’s regulators. We were the driving force behind the creation of the Law to Regulate Financial Technology Institutions (Fintech Law) and we have actively participated in national and international forums, sharing all the possibilities that this technology offers us and the cases of use that it has, because we firmly believe in its potential.
We have always defended innovation and the right to use new technologies for the benefit of users and we will certainly continue to do so.
The regulation of Bitso by the GFSC represents a fundamental step to consolidate ourselves as the platform that connects the traditional economy with the digital one, not only in Mexico, but in Latin America and Europe; and we are very excited to share this moment with you. We would like to thank the Gibraltar authorities for their support throughout the process, and also our team in Mexico and Gibraltar who helped in the application process to obtain the license.