Tapbit, a borderless cryptocurrency exchange, recently announced that the platform has obtained a Saint Vincent and the Grenadines Financial License (SVGFSA License) with registration number 2875LLC2023. This is the platform's third global regulatory license after the US MSB & NFA license, which will greatly advance Tapbit's ongoing globalization strategy.
Saint Vincent and the Grenadines (SVG) is an important offshore financial center in the West Indies, and an important offshore regulatory jurisdiction in the world. Its financial regulator is the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA). In the past few years, SVG has always been at the forefront globally. The SVGFSA license is a cryptocurrency legal business license recognized and regulated by the SVG government. The Institutions who hold the SVGFSA license can legally open various businesses such as exchanges.
Recent years, a series of risk events including FTX, attracted the attention of regulators in various countries, and made the industry realize that strengthening the supervision of the currency and improving the operations transparency operations became urgent. Regulators must keep pace with the ever-evolving landscape of blockchain technology while embracing innovation. It is crucial for them to implement up-to-date regulatory measures to effectively manage risks and establish the necessary conditions for a well-organized and thriving market. Therefore, we can see that the supervision of the market in many countries has increased significantly since 2023. For example, the international monetary fund (IMF) made more actions to regulate and avoid the volatility of cryptocurrency affecting banks and traditional financial institutions. The European Union also requires banks to consider cryptocurrency as one of the riskiest assets. As well as, South Korea is accelerating the formulation and introduction of laws regarding cryptocurrency etc. All in all, towards the crypto market, the main attitude of various countries is to standardize operations, strengthen risk management and fight with illegal acts such as money laundering, so as to protect users' security and safety. These are significant support for confidence reconstruction in the crypto industry and market of 2023.
Tapbit believes that compliance is the general trend in the crypto industry, the era of rapid and unregulated development is in the end. As an exchange, Tapbit places paramount importance on compliance and security, strongly focusing on security and strict risk controls, actively embraces regulations and compliance in its operations, living up to the trust of users and the future prospects.
Tapbit follows the regulatory trend and responds to the regulatory requirements of various countries for the crypto market. At present, they have obtained regulatory licenses of MSB & NFA in the United States and SVGFSA, and plan to apply for regulatory licenses in more global regions. They strive to provide more professional and safer services for more regions around the world on the basis of meeting the needs of industry compliance and transparency.
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