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TURNCOIN LTD BECOMES A REGISTERED VIRTUAL ASSET SERVICE PROVIDER

September 14, 2022

TurnCoin Limited (“TurnCoin”), the listing subsidiary of TheXchange Group, has successfully registered as a “Virtual Assets Service Provider” (“VASP”) with the Gibraltar Financial Services Commission (“GFSC”).

Introduced in 2021, the GFSC’s new VASP regime obliges specified businesses to be registered with the GFSC for the purposes of anti-money laundering, counter terrorist financing and counter proliferation finance supervisions. In addition to AML Compliance, companies seeking the GFSC’s approval under the VASP regime must demonstrate the fitness of key individuals behind the business.

Registration under Gibraltar’s innovative VASP regime effectively allows registered token issuers, such as TurnCoin, to raise capital confidently on solid, transparent, and compliant foundations.

TheXchange Group CEO, Rudolf Markgraaff, said, “Working with the GFSC has been an absolute pleasure. In preparing for the VASP registration, we have had to ensure that TurnCoin complies with Gibraltar’s robust anti-money laundering and counter terrorist financing measures. We understood from day one that for TurnCoin, trust and compliance are two sides of the same coin. TurnCoin’s registration provides us the edge today in a global market where regulation will become a core feature of the digital asset industry going forward. We are confident that by complying with global digital asset regulations, we are solidifying the future of TurnCoin and paving the way for new opportunities in the institutional space.”

The successful registration as a VASP under the regime is only the first step in TurnCoin’s commitment to comply with global regulations, reinforcing its reputation as a trusted player in the security token industry.

A special congratulations to our entire Investor Relations Team for the excellent work in achieving this milestone for TurnCoin. 

TurnCoin’s registration with the GFSC can be viewed on their website under regulated entities: https://www.fsc.gi/regulated-entity/turncoin-limited-28003

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