WAGMI Limited (“WAGMI”), a subsidiary of Fragbite Group AB (publ) (“Fragbite”), announces its successful registration as a “Virtual Assets Service Provider” (“VASP”) with the Gibraltar Financial Services Commission (“GFSC”).
On 26 April, 2022, Fragbite announced that it had started to investigate the possibility of of launching an in-game crypto token. In close collaboration with Hassans International Law Firm Limited in Gibraltar, Fragbite has now formed a subsidiary called WAGMI Limited.
WAGMI has successfully filed for a VASP registration and this allows WAGMI to offer crypto tokens in full compliance with the AML requirements of the GFSC’s regulatory framework.
Following the acquisition of Lucky Kat and its launch of one of the leading Solana blockchain games Panzerdogs, the registration is a milestone for Fragbite’s next steps in web3 games.
“Thanks to this registration in place, we can now move on to the next step, which will be to market and sell our in-game crypto tokens. We are now most likely one of the first publicly traded gaming and e-sports companies globally to have this kind of registration in place. I believe that this can make a positive contribution to our profitability in the future”, comments Marcus Teilman, President & CEO of Fragbite Group.
Aaron Payas, Partner at Hassans, commented: “We are delighted that Fragbite has secured a VASP registration with the GFSC. The VASP registration regime in Gibraltar gives Fragbite the edge today in a global market where regulation is likely to be a core feature of the space tomorrow. I am confident that, by taking this step, we are future-proofing Fragbite, WAGMI & Panzerdogs and opening up new opportunities in the institutional space. We look forward to continue working with Fragbite and to bring other Solana-based projects to Gibraltar.”