By Michael Scott
UK-based crypto management company Tap Global announced the expansion in the US. The company downplayed the regulatory uncertainty, indicating that it shields itself from such risk by not engaging in illegal and fraudulent activities.
Tap Global announced its pursuit of the US market, dismissing its vulnerability to industry-wide concerns caused by uncertain regulation in the region.
Tap Global Announces US Expansion
Tap Global targets serving US customers across 48 states with facilitated access to multiple digital assets. The platform will facilitate trading in USDC, XRP, Bitcoin and Ethereum.
Tap Global confirmed plans to unveil operations in the 48 states and, following the initial launch, add New York to the list.
The crypto management services acknowledge that FTX’s sudden implosion in November 2022 prompted aggressive pursuit by regulators. The US regulators levelled charges against leading crypto exchanges, including Binance, Kraken and Coinbase, with others led by Bittrex existing in the country.
Tap Global considers the vulnerability to risk arising from expanding into the US market minimal, given the priority to regulatory compliance. Besides, it confirmed partnering with Zero Hash, a firm headquartered in Chicago that offers an infrastructure platform.
Zero Hash Regulatory Cover
Zero Hash devotes great lengths towards guaranteeing regulatory compliance. The business-oriented firm teamed up with Robinhood and Coinbase in 2022 to unveil a coalition of companies with others committed to complying with the then-new travel rule established by the international regulator – the Financial Action Task Force (FATF).
Tap Global’s John Taylor revealed that Zero Hash bears the regulatory risk, thus allowing the UK-based firm to operate under the cover.
The board member added that Tap Global theoretically has the regulatory risk mitigated, provided the company does not engage in anything fraudulent and illegal. He ruled out engaging in stupid engagements in the past, a reputation that Tap Global will observe and protect amid the US expansion.
Taylor explained that the partnership with Zero Hash allowed Tap Global to adopt the regulatory framework deployed by the Chicago-based company. As such, Tap Global is shielded from regulatory scrutiny, which becomes the responsibility of Zero Hash to battle.
Taylor clarified that Tap Global’s expansion into the US market is now an investment risk and not a regulatory challenge.
Taylor considers the US crypto market to harbors massive potential, which will offer a significant upside for the UK company. Tap Global profiles the market as both a high-risk and high-reward space.
Tap Global Deploys Regulation First Approach
Tap Global is set to gain access to the market estimated at 93 million US residents who currently own crypto, according to Security.org data. Tap Global chief Arsen Torosian hailed the US expansion as a critical milestone for the company.
Torosian indicated that the unveiling of the US operations will expand the user base and catalyze subsequent geographic expansion. The company is eyeing future expansion in Canada and Latin America.
Tap Global executives praised the company’s ‘regulation first approach’, which Zero Hash coincidentally observes. This approach yields an opportunity for the company to become a trusted actor and illustrates this reputable approach in the US amid some crypto firms exiting owing to the regulatory environment.
Tap Global joins a team of companies, including Stripe, DraftKings and MoonPay, that leverages Zero Hash for similar services.
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