Block.one’s Bullish exchange wins license from Gibraltar regulators

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Block.one, the developer of the EOS.IO protocol — the blockchain network of the EOS cryptocurrency — continues progressing with its cryptocurrency exchange subsidiary known as Bullish.

Bullish officially announced on Wednesday that its branch, Bullish Limited, obtained a distributed ledger technology license from the Gibraltar Financial Services Commission (GFSC).

Block.one CEO and Bullish chairman Brendan Blumer said that Gibraltar is emerging as a “leading blockchain and virtual assets hub” that can provide a foundation for crypto-focused companies to “operate securely and in compliance with industry best practices.”

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How Gibraltar became a hotspot for gaming and crypto currency

Gibraltar also became a hot spot destination for crypto currency. Gibraltar is well known as a low taxation environment. It does not impose capital gains or dividend tax on cryptocurrencies, and crypto exchanges are rated as a business. This comprises of a very friendly 10 per cent corporate income tax rate, making crypto currency a highly attractive niche for Gibraltar. It recently hosted the first international post-pandemic crypto event on October 8, 2021 where 300 crypto enthusiasts and investors attended.

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Bullish Goes Live

Crypto Exchange Backed By Peter Thiel And Richard Li Goes Live For Institutional Clients

Bullish was awarded a distributed ledger technology (DLT) license from the Gibraltar Financial Services Commission (GFSC) earlier this year.

Bullish, a blockchain-based cryptocurrency exchange, officially began operating on Tuesday for an inaugural batch of institutional investors, marking an important milestone that paves the way for a full launch with retail investors at a later date.

Among the first clients to operate on the Bullish exchange are a non-U.S. affiliate of Virtu Financial, the electronic market-making firm based in New York, and the Hong Kong-based crypto finance firm Amber Group.

Bullish was established earlier this year as a subsidiary of Blockone, a blockchain software company backed by a group of renowned investors including PayPal cofounder Peter Thiel, hedge fund managers Alan Howard and Louis Bacon, and Hong Kong tycoon Richard Li. Eventually, Bullish will offer automated market making, lending, and portfolio management tools to its users.

“As the world’s first jurisdiction to enact purpose-built legislation in support of DLT, we believe Gibraltar is becoming a leading blockchain and virtual assets hub, and that it can provide an environment for cryptocurrency-focused companies to operate,” Blumer said at the time.

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