Tap Global Receives “In Principle Approval” From Gibraltar Financial Services Commission
Tap Global Ltd (TAP) has been granted the in-principle approval of their DLT licence from the Gibraltar Financial Services Commission.
This licence will enable TAP to launch a fully regulated Crypto Wallet linked to the TAP Prepaid Mastercard card.
A statement follows below:
The TAP accounts come with multiple crypto and fiat wallets and will have access to real time crypto trading with numerous exchanges, all assets are held securely in multi signatory “cold storage” wallets or electronic money client accounts.
David Carr COO of TAP commented: “this approval has been tough to obtain which makes it worth more to the TAP team. Although there are no current requirements to be regulated to operate a Crypto product, TAP chose to be regulated to provide additional comfort to customers that may want to join the Crypto Revolution”. Carr also commented: “it is my belief that all Crypto products should be regulated in some form, there are a number of unregulated products available now but I believe that this will change in the coming years. We could not have achieved our goal of regulatory approval without the help of our legal advisors at Hassans, the dedicated DLT team understood our aims and help us through the process with the GFSC”.
Following this approval, TAP is preparing the Beta Launch of the full product to a limited number of customers in November 2019. Following feedback from our Beta Users, TAP may enhance some functionality or UI experience and launch the full product in early 2020.
Anthony Provasoli Partner at Hassans commented: “It has been a pleasure to work with the TAP Founding team of Arsen Torosian and David Carr, as well as the rest of the team at TAP. They were having some issues with their DLT licence application and we are delighted to have been given the opportunity to come in and help. We have advised them on several matters including regulatory issues, the preparation of application forms and ancillary documents, corporate restructuring, the recruitment of the right personnel, etc. In all our dealings we have found the TAP team to be extremely responsive, transparent and above-all professional. They are also passionate about what they do and have great industry knowledge on DLT and crypto, as well as traditional payments”.
Provasoli also commented: “I am very excited to see TAP’s progression and it is a very big step for them to have been granted an in-principle approval letter from the Gibraltar regulator. TAP will be a great addition to Gibraltar’s ever-growing DLT ecosystem and hopefully also to the Gibraltar Association for New Technologies (GANT).”