poundtoken.io is the first British Isles fully regulated GBP stablecoin issuer.
Consumer Protection
& AML.
Consumer protection
It’s written in the regulation!
poundtoken, or GBPT as it is commonly known, is the first British Isles regulated GBP stablecoin issuer and with that comes great responsibility.
We have a Class 8(2)(a) and (4) Money Transmission Services Licence issued by the Isle of Man Financial Services Authority, and we are currently within their regulatory sandbox.
Consumer protection is one of the Isle of Man Financial Services Authority’s three regulatory objectives.
It is a legal requirement that for every 1 GBPT in circulation, there is always £1 (GBP) held as collateral in a Safeguarded Segregated Account at a recognised bank, as defined by the Isle of Man Financial Services Authority.
Freedom to exchange or redeem
Holders of GBPT can use a digital exchange like Bittrex.com to exchange their GBPT, or they can redeem GBPT directly with us for £1 GBP.
Proof of collateral
We publish monthly attestation reports issued by KMPG to confirm that the GBP held in collateral is at least 100% of the value of the GBPT in circulation. This assurance gives consumers and holders of GBPT the piece of mind that their GBPT is always worth £1.
Holders can rest assured that stringent internal policies surrounding risk, including our banking counterparty risk policy, are in place to ensure reliable and secure banks safeguard the GBP collateral.
Anti-money laundering and countering the financing of terrorism
We conduct checks and monitor our customers and holders of GBPT to mitigate the risks of its use for money laundering or the financing of terrorism.
We ask our customers to provide due diligence at various stages of their relationship with us.
We use independent algorithmic blockchain data analytics software to review transactions using GBPT. The software analyses the behaviour of wallets in receipt of GBPT and highlights risk red flags.
Smart contract capability
We developed the smart contract for GBPT to enable some pretty fantastic functions. And by marrying these functions with sensible and proportionate practices to ensure the proper use of GBPT, we can freeze or burn GBPT in any wallet. Furthermore, wallets can be blacklisted to prevent them from receiving GBPT. These functions add to our capabilities to deter criminals from using GBPT.
