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Globalblock moves digital brokerage to EU unit

2022-05-25 16:46 ET - News Release

Mr. Rufus Round reports

GLOBALBLOCK COMPLETES TRANSITION OF DIGITAL ASSET BROKERAGE BUSINESS TO EU

Globalblock Digital Asset Trading Ltd.'s Globalblock Europe UAB (GBE), its European Union-based and Lithuanian-incorporated subsidiary, is operationally ready. Effective today, the company's digital asset brokerage and trading services business is being operated by GBE. GBE is acting as a virtual asset service provider (VASP), being a virtual currency depository wallet operator and virtual currency exchange operator, and 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. All existing clients have been transitioned across to GBE.

As per the company's March 24, 2022, press release, its United Kingdom incorporated subsidiary, Globalblock Ltd., has effective today ceased operating under the temporary registration regime in the United Kingdom.

The establishment of GBE and the transition of the business to GBE provides the company with the certainty of business continuity and, at the same time, opens new potential markets within the European Union.

Rufus Round, chief executive officer of Globalblock, said:

"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. 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."

GBE is not a licensed financial services provider and is not supervised by the Bank of Lithuania. GBE 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.

About Globalblock Digital Asset Trading Ltd.

Globalblock Digital Asset Trading is a publicly traded holding company whose subsidiary, Globalblock Europe, is a European Union-based digital asset broker that provides a personalized telephone brokerage service, trading platform and mobile app. Established by an experienced team of financial services professionals, Globalblock Europe acts as a trusted agent serving the digital asset needs of individuals, corporations, institutional financial firms and intermediaries, providing best execution trading and safe custody of digital assets. At this time, clients or customers based in Lithuania and the United Kingdom can be onboarded to its digital asset broker and trading services.

We seek Safe Harbor.

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