At Tap, adaptability and innovation define everything we do. Operating across the EU, EEA, and the UK, we’ve built a reputation for offering cutting-edge fintech and crypto solutions while continually striving to adapt and innovate in response to evolving regulations. But the road isn’t always smooth—sometimes, regulatory changes demand that we rethink, adapt, and find creative solutions to stay true to our mission.
Today, we’re thrilled to announce the return of XTP token locking for Premium accounts in the UK—a journey that wasn’t without its challenges, but one that reflects our unwavering commitment to our users.
A Challenge Worth Tackling
Last October, the Financial Conduct Authority (FCA) introduced new regulations aimed at tightening the promotion and distribution of cryptocurrency services. These rules, while important for safeguarding the sector, directly impacted the structure of our Premium accounts.
For our EU and EEA users, accessing Premium perks like lower fees, higher card spending limits, cashback rewards, and VIP support is as simple as locking a specific amount of XTP tokens for 12 months. For our UK users, regulatory requirements led us to suspend this system to ensure compliance. Determined to continue offering UK users access to our Premium perks, in its place, we introduced a new structure : Premium upgrades through a fixed annual fee paid in GBP.
This interim solution allowed us to continue offering UK users the perks they loved, but it wasn’t the ideal experience we wanted for our community. Restoring XTP locking for the UK became a top priority.
Behind the Scenes: A Year of Dedication and Perseverance
When the change rolled out, many users understandably voiced frustration. Some felt we weren’t doing enough, unaware of the monumental effort happening behind the scenes. The reality? Our team embarked on a year-long journey deeply immersed in research, consultations, and legal review to align our XTP locking system with the regulatory requirements in order to craft a compliant yet user-centric solution.
This wasn’t a quick fix. Every step of the process—from analysing legal frameworks to liaising coordinating with relevant stakeholders required time, expertise, and meticulous attention to detail. We don’t take shortcuts, and we don’t settle for half measures. At Tap, we focus on outcomes, not just promises, we channel our energy into quietly, diligently achieving results.
A Moment of Triumph: The Return of XTP Locking
After a year of hard work, we’re delighted to reintroduce XTP locking for Premium accounts in the UK. This marks a return to the system our users value—one that aligns perfectly with our broader offering across the EU and EEA.
For those who upgraded to Premium with the GBP annual fee, our dedicated support team will personally reach out to personally guide you through your options and ensure a seamless transition. We’re committed to making this process as smooth and rewarding as possible. We’re committed to ensuring this transition is smooth, positive, and tailored to your needs, giving you the best experience possible.
The Road Ahead
This journey is a reminder of what makes Tap unique. We don’t just adapt in the face of complex challenges; we embrace them as opportunities to grow and innovate. We’re proud to bring back a feature that resonates deeply with our community, and we’re more excited than ever about what lies ahead.
We’re proud to bring this chapter full circle and thank every one of our users for their patience and trust. Here’s to the next step forward—together.
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