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Gibraltar to Establish Crypto Derivatives Clearing, Settlement Rules to Enhance Market Integrity
The government has built a regulatory framework for clearing and settlement together with crypto exchange Bullish.
What to know:
- The Gibraltar government said it is establishing the world's first regulatory framework for clearing and settling of crypto derivatives.
- The rules were developed in conjunction with crypto exchange Bullish, CoinDesk's sister company, which said they allow virtual asset derivative contracts to be handled a recognized clearing house.
- Clearing houses help to reduce counterparty risk in trading.
The Gibraltar government said it plans to establish the world's first rules for the clearing and settlement of crypto derivatives, creating a regulatory framework to improve market integrity and reduce key risks.
Working with the Gibraltar Financial Services Commission (GFSC) and crypto exchange Bullish (whose owner, Bullish Group, is also the parent of CoinDesk), the government has built a framework over the past six months that tailors traditional financial clearing regulations to the virtual asset market.
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The framework will enable virtual asset derivative contracts to be cleared and settled by a recognized clearing house, Bullish said on Tuesday.
Clearing houses ensure that trades are finalized, with buyers and sellers meeting their commitments. Many virtual asset exchanges have been performing that function which, in the absence of regulatory oversight, can lead to failures in the process, Bullish said.
The proposed regime will allow the establishment of separate clearing houses with "improved transparency and capitalization," it said.
Read More: UK's First FCA-Regulated Crypto Derivatives Trading Venue GFO-X Debuts in London
CORRECT (May 13, 15:34 UTC): Corrects that CoinDesk's parent company is Bullish Group, not the crypto exchange Bullish.
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