Virtual asset exchange Bullish has announced a partnership with the Gibraltar Government and the Gibraltar Financial Services Commission (GFSC) to develop regulations for clearing and settlement of derivatives contracts in virtual assets.
Bullish and Gibraltar Government Partnership
Bullish, one of the fastest-growing regulated virtual asset exchanges, announced its partnership with the Gibraltar Government and the GFSC to create the world’s first regulation addressing clearing and settlement of derivatives contracts settled in virtual assets.
Details of the New Clearing Framework
Under the proposed framework, selected virtual assets may be recognized as collateral and settlement currency, with criteria based on existing traditional clearing regulations.
Government and Industry Response
The Gibraltar Government expressed enthusiasm for the initiative, emphasizing the importance of trust and transparency in virtual asset markets. Bullish CEO Tom Farley stated, "There is currently no regulation that specifically addresses the clearing needs of the crypto industry."
The partnership between Bullish and Gibraltar may represent a significant step towards establishing a reliable regulatory environment for clearing virtual financial instruments.
