According to online reports, the Gibraltar government has announced that it will establish the world's first regulatory framework for the clearing and settlement of cryptocurrency derivatives, aiming to improve the integrity of the virtual asset market and reduce trading risks. The framework was developed jointly by the Gibraltar government with the Financial Services Commission (GFSC) and crypto exchange Bullish(CoinDesk parent company) and took six months to adapt traditional financial clearing rules to the crypto market. The new regulations will allow virtual asset derivative contracts to be processed through regulated clearing houses, improving transaction transparency and capitalization levels, and effectively reducing counterparty risks.