Bullish Gets GFSC Approval to Trade Tokenized Securities

Bullish has received approval from the Gibraltar Financial Services Commission to offer secondary trading of tokenized securities on its trading platform. The authorization covers eligible non‑U.S. investors and requires completion of pre‑go‑live checks before trading begins in the coming weeks.

The GFSC approval follows a collaboration with Bullish that began in 2025 to explore regulated infrastructure for digital assets. Gibraltar, which established an early legal framework for firms using distributed ledger technology, approved the platform to operate trading under its supervision.

Under the authorization, Bullish will run secondary trading of tokenized securities within Gibraltar’s regulatory framework and must meet investor protection and oversight requirements comparable to established markets. The GFSC and Bullish will complete technical and compliance checks before the platform goes live.

Tokenized securities are digital tokens on a blockchain that represent ownership in traditional securities. Tokenization can enable around‑the‑clock trading and near‑instant settlement, which reduces the multi‑day delays that occur in conventional post‑trade processing. For issuers, tokens can provide clearer records of ownership, a more direct connection to shareholders and simpler handling of corporate actions.

Tom Farley, chief executive of Bullish Group, said the approval ‘allows us to bring the benefits of tokenization to securities markets within a robust, supervised framework’ and described the decision as part of the work begun with Gibraltar in 2025.

Nigel Feetham, Gibraltar’s minister for financial services, welcomed the approval and said the government supports the responsible development of tokenized securities to reinforce Gibraltar’s reputation as a quality financial centre.

The GFSC authorization adds a regulated venue for secondary trading to Bullish’s broader plan to build end‑to‑end infrastructure for tokenized securities. In May 2026, Bullish agreed to acquire Equiniti, a transfer agent that serves nearly 3,000 issuer clients and records more than 20 million shareholders. Bullish says the combined platform will cover issuance, registry and trading by linking transfer‑agent record‑keeping with its blockchain and trading systems.

Bullish will continue to work with the GFSC as it finalizes the tokenized securities offering and will publish further details ahead of the planned go‑live.