Tap Global Ltd has been granted the in-principle approval of their DLT licence from the Gibraltar Financial Services Commission. A Gibraltar – based company, Tap Global is preparing to provide a pre-paid Mastercard which allows its customers to use both fiat currency and cryptocurrency for everyday spending, and to withdraw cash from ATMs in over 200 countries across the world.
Once the full DLT Provider licence is issued, TAP will be able to launch a fully regulated Crypto Wallet linked to the TAP Prepaid Mastercard card. The TAP accounts will have access to real-time crypto trading with numerous exchanges, and all assets are held securely in multi signatory “cold storage” wallets or electronic money client accounts. TAP is now preparing the Beta Launch of the full product to a limited number of customers in November 2019 in preparation for launching the full product in early 2020.
In a press release by company advisors, Hassans International Law Firm, David Carr, COO of TAP is quoted as saying: “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 adds: “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”.
Also quoted in the press release by Hassans International Law Firm, Anthony Provasoli, Partner, 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”.
The number of registered DLT provider firms in Gibraltar is steadily growing, enhancing Gibraltar’s evolving DLT ecosystem.
For more information on Tap Global and their products, follow the link below: