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Bullish, an institution-focused digital asset platform providing market infrastructure and financial information services, has received regulatory approval from the Gibraltar Financial Services Commission (GFSC) to offer trading in tokenised securities.
The approval marks a significant milestone in Bullish’s collaboration with Gibraltar to build regulated infrastructure for digital assets and expand blockchain-based capital market services.
The authorisation builds on an ongoing partnership between Bullish and the GFSC that began in 2025 to explore regulated frameworks for digital asset markets. It also reinforces Gibraltar’s position as a global pioneer in digital asset regulation, having been the first jurisdiction to introduce a dedicated legal framework for firms operating with Distributed Ledger Technology (DLT).
Tom Farley, chief executive officer of Bullish Group, said the approval highlights the role of forward-looking regulation in enabling financial innovation.
“Gibraltar has once again demonstrated how thoughtful regulation can unlock innovation. This approval allows us to bring the benefits of tokenisation to securities markets within a robust, supervised framework and continues the work we began with the GFSC to help establish global standards for regulated digital asset markets,” Farley said.
Also speaking, Nigel Feetham, Gibraltar’s Minister for Financial Services, said the territory remains committed to leading innovation in regulated financial services.
“Gibraltar is committed to remaining at the forefront of regulated innovation in financial services. We are pleased to deepen our relationship with Bullish and support the responsible development of tokenised securities, further strengthening Gibraltar’s reputation as a high-quality financial centre,” he said.
Tokenised securities are designed to bring the efficiency of blockchain infrastructure to traditional capital markets. For investors and traders, tokenisation can enable round-the-clock trading, near-instant settlement, and faster asset transfers by eliminating the multi-day settlement delays common in conventional markets.
For issuers, tokenisation offers greater transparency in ownership structures, more direct engagement with shareholders, and improved efficiency in managing corporate actions.
Through its regulated offering in Gibraltar, Bullish plans to make tokenised securities trading available to eligible non-U.S. investors while maintaining the investor protections and regulatory oversight associated with traditional financial markets.
The approval also advances Bullish’s broader strategy to build end-to-end infrastructure for tokenised securities.
In May 2026, Bullish agreed to acquire Equiniti (EQ), a global transfer agent serving nearly 3,000 issuer clients and more than 20 million shareholders worldwide. Once the acquisition is completed, the combined platform is expected to support the full lifecycle of tokenised securities, spanning issuance, registry management, and secondary market trading.
By integrating Equiniti’s record-keeping capabilities with Bullish’s blockchain infrastructure, the company aims to create a seamless ecosystem for tokenised asset management and trading.
Bullish said trading in tokenised securities is expected to go live in the coming weeks, subject to final pre-launch regulatory conditions. The company added that it will continue working closely with the GFSC as it expands its tokenised securities offering.
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