Crypto platform Bitfrost registers as VASP in Gibraltar ahead of DLT License
“We’re now looking at the next steps necessary to obtain authorisation to operate as a fully regulated DLT or Virtual Asset Service Provider.”
Bitfrost has successfully registered as a Virtual Assets Service Provider (VASP) with the Gibraltar Financial Services Commission (GFSC) in a major milestone for the provider of fiat-to-crypto, crypto-to-fiat and crypto-to-crypto OTC trading solutions.
The platform’s newly obtained VASP license is part of a wider licensing expansion campaign by Bitfrost, with a focus on Gibraltar, Switzerland, Cyprus, Hong Kong and the UK.
In late February, the firm Eva Lorenzo as Head of Compliance, Eva Lorenzo with the specific goal of expanding Bitfrost’s regulatory footprint in order to provide maximum confidence to clients and partners.
According to the company’s prior announcement, Bitfrost’s first step in Gibraltar was to register the business as a Virtual Asset Service Provider (VASP) and then begin the process of obtaining a DLT License in Gibraltar that protects consumers and businesses as well an EMI Licence in the same region. This remains the plan: “to become a fully regulated Distributed Ledger Technology (DLT) Financial Services Provider in Gibraltar – a region whose DLT regulatory framework is considered one of the most robust in the world.”
Providing clients with greater comfort
Eva Lorenzo, Head of Compliance at Bitfrost, commented: “Robust compliance is very important to our clients. Our registration as a VASP in Gibraltar lets them know it’s important to us, too. By complying with the high standards of the GFSC, we are demonstrating our willingness to go above and beyond to be on the front foot of crypto compliance. We hope that this will provide all our clients with greater comfort when entering or expanding into the market.”
Anton Chashchin, Managing Partner of Bitfrost, commented: “Much like the global financial market, Gibraltar is increasingly looking at how it can facilitate a financial ecosystem that is robustly regulated while leaving sufficient breathing room for innovation. This is well-aligned with Bitfrost’s own objectives, striving to provide customers with the widest, most market-forward range of financial services possible while ensuring maximum protections. We’re now looking at the next steps necessary to obtain authorisation to operate as a fully regulated DLT or Virtual Asset Service Provider. We are very thankful to the GFSC for their help so far, and also to the team at Hassans International Law Firm for their expert guidance and support throughout.”
Anthony Provasoli, team lead on the project for Hassans in Gibraltar, said, “I am thrilled that the DLT offering in Gibraltar continues to make the right noises and attract the right players to our market. Bitfrost has been uniquely engaged from the get-go. Our team worked hard to secure registration, but their commitment and sincere belief in the importance of balancing regulation, innovation and customer protection made for a smooth process.”