Gate, a leading crypto services provider known for its Gate.io exchange, announced that Hippo Capital Co Limited has been granted permission by the Gibraltar Financial Services Commission (GFSC) to operate as a Distributed Ledger Technology (DLT) Provider. As a result, it can now provide broker/dealer services and virtual asset custody services.
This permission means Hippo Capital is in compliance with all ten regulatory principles laid out by the GFSC. Created to protect consumers and businesses when transmitting or storing assets on distributed ledgers, the ten principles outline comprehensive risk management processes, honest and fair practices, exceptional customer care standards, and strict AML/CFT/CPF measures, among other guidelines that proactively protect consumers and businesses.
Following the granting of permission, which was obtained in partnership with ISOLAS LLP, Hippo Capital can begin introducing high-quality and secure services, aiming to offer professional virtual asset services customised for consumers, professionals, and institutions in the region.
Dr. Lin Han, founder and CEO of Gate, said: "We are more than grateful for the GFSC's permission to offer high-quality virtual asset services in Gibraltar. The Hippo Capital team is eager to set the bar high with safe and reliable services that exceed regulatory expectations. We applaud the GFSC's framework for increasing trust and protection while welcoming innovation and growth in the blockchain sector. Special thanks also to the ISOLAS LLP team for their valuable support."
Hippo Capital's permission to operate in Gibraltar marks another milestone for Gate in expanding its European footprint. Gate will continue its compliance-centric European and global expansion to serve more users and professionals with highly secure and dependable virtual asset and blockchain services.
Jonathan Garcia, the Partner at ISOLAS LLP who heads up the firm's Fintech practice, commented: "The objective of the DLT framework has always been to develop a purpose-built appropriate regulatory framework that not only provides regulatory certainty for firms using nascent technology for dealing with new asset classes but also seeks to protect the interests of the users of those businesses.
"Gibraltar has always aimed to set an extremely high bar to entry and in that context, it's a pleasure to have worked with the Hippo Capital team in meeting all of these requirements, and a pleasure to welcome them to Gibraltar. Many congratulations to them on this milestone in their continued development."
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