Joey Garcia, the Director and Head of Regulatory Affairs at Xapo Bank, has been at the forefront of shaping regulatory frameworks for digital assets. His journey with Xapo Bank began in 2014 when he was approached by Wences Casares to establish a regulatory framework for cryptocurrencies in Gibraltar. Despite facing initial skepticism and resistance from authorities, Garcia and his team persisted, eventually leading to the development of a comprehensive regulatory framework in Gibraltar.
Garcia emphasized the importance of creating a prudential regime that goes beyond basic compliance. The framework developed by Garcia and his team in Gibraltar was a year and a half ahead of the FATF’s recommendations, positioning Gibraltar as a leader in the regulatory space. This forward-thinking approach attracted major players in the digital assets industry and addressed the complexities of the evolving crypto landscape.
Garcia’s extensive experience working with various countries, conducting gap analyses, and providing training to regulatory authorities has given him a unique perspective on the global regulatory environment. His role as a consultant to the United Nations has further allowed him to address unique regulatory challenges in different countries and advocate for a pragmatic and informed approach to regulation.
Xapo Bank’s transition from being the largest Bitcoin wallet provider to a fully licensed bank reflects its commitment to security and compliance in the cryptocurrency industry. Garcia highlighted Xapo’s emphasis on security in its operations, maintaining a high liquidity ratio and fully collateralized customer assets. This commitment to security has allowed Xapo Bank to position itself as a secure pillar in the financial ecosystem.
Joey Garcia envisions a future where regulatory frameworks continue to evolve in response to the dynamic nature of the crypto industry. He believes that trust and reliability will be crucial factors in the adoption of crypto services. As the industry continues to grow and evolve, Garcia’s insights provide a compelling narrative of the challenges and opportunities in the world of crypto regulation, emphasizing the importance of a proactive and informed approach to shaping the future of digital finance.
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