Gibraltar’s distributed ledger technology regulations have been credited with the success of Latin American crypto platform BITSO’s latest US$255 million fundraising.

The series-C equity round was led by hedge funds Tiger Global and Coatue Management, and boosted BITSO’s value to US$2.2 billion.

Gibraltar’s DLT legislation is the world’s first purpose-built regulatory framework for businesses using DLT to store or transfer value belonging to others.

BITSO obtained its DLT license from the Gibraltar Financial Services Commission in 2019, following the establishment of the DLT legal framework, which took effect in January 2018.

Having updated its DLT regulatory framework in late 2020, Gibraltar recently announced the establishment of a new working group that will be responsible for defining market standards for virtual asset service providers operating in the digital asset space in the territory, which is known for its provision of tax benefits to non-resident companies.