GlobalBlock Digital Asset Trading Ltd (TSX-V:BLOK, OTC:BLVDF) has announced that GlobalBlock Europe, UAB (GBE), its European Union-based and Lithuanian incorporated subsidiary, is operationally ready.
Effective today, May 25, 2022, the company said its digital asset brokerage and trading services business is being operated by GBE, which acts as a Virtual Asset Service Provider (VASP) - a virtual currency depository wallet operator and virtual currency exchange operator.
GlobalBlock noted that GBE has completed all the necessary legal and regulatory steps required to operate from Lithuania, including the appointment of an experienced Money Laundering Reporting Officer (MLRO). The company's VASP registration and MLRO have been in place ahead of schedule and new clients continue to onboard with GBE, while existing clients have been transitioned across.
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"Now that we have established our European entity in a crypto-friendly and fintech centric jurisdiction, we can build upon our foundations by continuing with our technology enhancements and developing our digital asset products and services,” GlobalBlock CEO Rufus Round said in a statement. “In conjunction with this will be the rollout of our marketing activities that will focus on GlobalBlock 'service driven' offering, something that is lacking within the digital asset space and will provide us with a highly unique selling point to differentiate us favourably from the competition."
The company reminded investors that its UK incorporated subsidiary, GlobalBlock Limited, has ceased operating under the temporary registration regime in the United Kingdom, also as of May 25, 2022.
The establishment of GBE and the transition of the business to GBE provide it with the certainty of business continuity and at the same time opens new potential markets within the European Union, the company added.
GlobalBlock noted that GBE is not a licensed financial services provider and is not supervised by the Bank of Lithuania. Instead, it is supervised by the Financial Crime Investigation Service under the Ministry of Interior of the Republic of Lithuania within the scope of the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania and other legislation stemming thereof.
GlobalBlock Digital Asset Trading Limited provides a personalised telephone brokerage service, trading platform and mobile app. Established in 2018 by an experienced team of financial services professionals, the company acts as a trusted agent serving the digital asset needs of individuals, corporates, institutional financial firms and intermediaries, providing the best execution trading and safe custody of digital assets.
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