Bullish Partners with Gibraltar to Develop World's First Crypto Derivatives Clearing Framework

Bullish, a crypto exchange backed by Peter Thiel and Block.one, has partnered with Gibraltar’s government and financial watchdog (GFSC) to develop the world’s first regulatory framework for clearing and settling crypto derivatives with virtual assets. This initiative, announced on May 13, aims to enhance transparency, mitigate risks, and align crypto markets with traditional finance standards such as EMIR and Dodd-Frank. The framework introduces a regulated, independent clearing house to separate trading and settlement functions, setting a new regulatory standard for the industry.

Randi Abernethy, Bullish’s Head of Clearing, highlighted that the framework is designed to support institutional adoption through regulated clearing, positioning Bullish as the first global regulated crypto clearing house. Under the proposed framework, select cryptocurrencies will serve as collateral and settlement currency, expanding the pool of institutions authorized to hold collateral and boosting market participation while ensuring integrity. Bullish plans to launch its Clearing Services and Options trading later this year, progressing toward a fully operational, standalone clearing house under the new regime.

Tom Farley, CEO of Bullish, emphasized the current lack of crypto-specific clearing regulations, stating that the framework will bring “robust risk management and regulatory oversight.” Gibraltar’s Minister for Financial Services, Nigel Feetham KC MP, noted the jurisdiction’s leadership in pioneering tech-forward regulations, including Distributed Ledger Technology (DLT) laws. “Gibraltar pioneered DLT legislation and now continues that leadership by introducing this unprecedented clearing solution,” he said.

This partnership could influence broader crypto regulations, including EU MiCA and U.S. policies. The framework merges EMIR/Dodd-Frank principles with crypto-specific adaptations, offering regulators concrete data on how one jurisdiction balances innovation with systemic safeguards. Early results from Gibraltar could guide other markets in developing their own approaches, or they might choose entirely different paths.

In late December 2024, Bullish Group acquired three BaFin licenses in Germany for crypto custody, proprietary trading, and principal brokerage. This allows the U.S.-based exchange to expand across the European Economic Area under MiCA. Bullish named Frankfurt’s Tradias Bank its first German client. The exchange then appointed Marco Bodewein, ex-CEO of Bitcoin Group SE and Futurum Bank AG board member, as managing director to lead its German operations. Later on in March 2025, Chris Tyrer was promoted to President of Bullish Exchange to drive growth following its recent regulatory expansions in Europe. Tyrer will focus on expanding Bullish’s institutional offerings and regulatory footprint. Rob Quinlivan, outgoing CEO of Bullish, transitioned to government relations and partnerships, as the exchange plans to grow its licensing list.

Crypto exchanges are now shifting their services to include large-scale government partnerships and support. For example, Dubai partnered with Crypto.com to allow crypto payments for government services via its digital wallets, which were formalized at the Dubai Fintech Summit. These transactions will be converted to UAE dirhams, supporting Dubai’s goal of achieving 90% cashless transactions by 2026. The initiative will focus on stable cryptocurrencies, and it currently aligns with Abu Dhabi’s plans for a sovereign stablecoin. Additionally, Binance agreed to a partnership with Kyrgyzstan to deploy nationwide crypto payments via Binance Pay and a blockchain education program across the country. The collaboration, formalized with President Sadyr Zhaparov, seeks to position Kyrgyzstan as a regional digital finance hub. Binance Academy will train officials, businesses, and citizens, while founder Changpeng Zhao joins as a regulatory advisor. This aligns with Kyrgyzstan’s plan to launch a central bank digital currency by 2027 and builds on $1 million in 2023 crypto mining tax revenue, accelerating the nation’s blockchain-driven economic modernization.