Xapo reversing its role, soon to offer digital banking services

Xapo to become a digital bank
  • The framework set will guide those who have the potential to form important foundational concepts for the work of other international organisations
  • The exchange has given a notice via mail which read that due to the change in the global business strategy, Xapo Inc is leaving the U.S. market 

Gibraltar established bank Xapo is all set to become a full-fledged bank. The announcement was made by the exchange in a detailed email to its customers. Also, the exchange will no longer be serving US customers now.

Xapo, the cryptocurrency custodian from Gibraltor is all set to become a fully-fledged bank in the British overseas territory. Xapo in a series of mail to its existing clients has informed that the exchange in future would not deal with U.S. customers. The exchange has given a notice via mail which read that due to the change in the global business strategy, Xapo Inc is leaving the U.S. market and will close the accounts of all U.S. customers.

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The company has urged all the customers from the US to transfer their funds to an external bitcoin address. The exchange had in the past announced that it plans to become a digital bank in Gibraltar. On January 20, 2021, Albert Isola, Finance Minister, Gibraltar stated that Decrypt contributor Adriana Hamacher, that Xapo is establishing themselves as a fully-fledged bank in Gibraltar. The region is located at the Southern tip of the Iberian peninsula. It is also extending regulatory guidelines for digital assets.

According to Hamacher’s report, the exchange has established itself as a fully-fledged bank in Gibraltar. The Xapo partner at the international Law firm Isolas LLP, Joey Gracia, informed that Gibraltar has extended the regulatory guidelines for digital asset exchanges. Gracia is also a board member of IOV Labs (RSK) groups and the custodian Xapo.

According to the announcement, the framework set will guide those who have the potential to form important foundational concepts for the work of other international organisations like Financial Action Task Force, the European Commission, and the International Organisation of Securities Commissions (IOSCO). 

Gibraltar has been pioneered in digital currency and blockchain innovation and this move by Xapo will further extend new financial support to Gibraltarians. The region has been a leader in innovation and the development of virtual currencies service providers’ regulatory standards. The management is sure that the 10th core principle will help Xapo in achieving its mission. 

On the other hand, the Gibraltar Financial Services Commission (GFSC) has also up to date its notes for distributed ledger technology providers. A Canadian company 3iQ’s bitcoin price range has additionally been indexed at the Gibraltar Stock Exchange recently. 

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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