Bullish has secured regulatory approval from the Gibraltar Financial Services Commission to offer trading in tokenized securities, becoming one of the first regulated exchanges for issuer-sponsored digital securities. Trading is expected within weeks for non-U.S. investors.

Gibraltar implemented its Distributed Ledger Technology regulatory framework on January 1, 2018, requiring crypto businesses storing or transmitting value to be licensed by the GFSC to protect consumers and the territory's reputation.

Gibraltar granted licenses to Huobi, Coinfloor, Covesting, GBX, and Etorox since 2018 under its DLT framework. Trade Minister Albert Isola highlights collaborative regulation, industry association GANT, and education initiatives to attract quality fintech firms.