In an announcement made on Thursday, July 18, crypto exchange, Bitso revealed the news that it has obtained the license and recognition from the Gibraltar Financial Services Commission (GFSS) under the DLT (distributed ledger tech) framework.
The latter is deemed a regulatory framework built for the purposes of consumer protection and safety. Moreover, the license is a milestone for Bitso, as it gives the crypto exchange the necessary bragging rights as the
“first exchange platform in LatAm, licensed and regulated by the GFSC.”
Further details on the communications between Bitso and the GFSC were also revealed.
In particular, talks first commenced during an international FATF forum, in which Bitso met with the GFSC’s regulatory team, who came up with nine principles for regulation of DLT businesses. The decision to get regulated by the GFSC was a result of “a lot of discussions, a lot of study and a lot of work,” reports Bitso.
What Can One Expect of Bitso Moving Forward
According to the claims made, the recent regulation will not affect the Bitso interfaces (i.e. website, application and APIs). The same can be said in terms of “interacting with Mexican pesos,” adding that traders will continue to use Bitso S.A.P.I de C.V’s services.
In terms of crypto trading, consumers can do so with confidence and free of doubts, as all activities will now be done in accordance to the GFSC DLT Regulatory Framework – all of which implies increased protection of one’s cryptocurrencies and Mexican pesos.