PANews reported on May 14 that according to CoinDesk, the Gibraltar government said it plans to develop the world's first cryptocurrency derivatives clearing and settlement rules, building a regulatory framework to enhance market integrity and reduce major risks. Over the past six months, the Gibraltar government has worked with the Gibraltar Financial Services Commission (GFSC) and the cryptocurrency exchange Bullish to build a framework that adapts traditional financial clearing regulations to the virtual asset market.
Bullish said on Tuesday that the framework would allow recognized clearing houses to clear and settle virtual asset derivatives contracts; many virtual asset exchanges have been performing this function, but the lack of regulatory oversight can lead to problems in the clearing process. The proposed system would allow for the establishment of independent clearing houses that would have "greater transparency and capital adequacy."
