☕Gibraltar intends to establish clearing and settlement rules for cryptocurrency derivatives to improve market integrity
🌏☄️It was reported by ⚡mansooralrhyb⚡ that according to CoinDesk, the Government of Gibraltar stated that it plans to draft the world's first rules for the settlement and trading of cryptocurrency derivatives and build a regulatory framework to enhance market integrity and mitigate key risks. Over the past six months, the Government of Gibraltar has worked with the Gibraltar Financial Services Commission (GFSC) and the cryptocurrency exchange Bullish to develop a framework to adapt traditional financial clearing regulations to the virtual asset market.
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🎯Bullish stated on Tuesday that the framework will allow approved clearinghouses to settle derivatives contracts for virtual assets; many virtual asset exchanges have been performing this function, but the lack of regulatory oversight can lead to issues in the clearing process. The proposed system allows for the establishment of independent clearinghouses that have "greater transparency and capital adequacy."
