Regulated Digital Asset Derivatives Trading - NOW LIVE

In his latest article, GFO-X CEO Arnab Sen reflects on crypto’s biggest stress test, the recent wave of liquidations, and what it revealed about the market’s structure. Crypto’s Biggest Stress Test — and What It Really Showed There’s been a lot written about the recent crypto crash, the most significant wave of liquidations in the market’s history. Some said, “The system worked as designed.” Others claimed “DeFi held up better than CeFi.” A few are finally calling for a stronger market structure for exchanges to be neutral trading venues with real rulebooks, transparency, and oversight. All of these views capture part of the truth. But none, in my mind, hit the right note. If crypto markets are ever to attract real institutional capital, they must evolve not just technologically, but structurally. Exchanges That Aren’t Really Exchanges I have long held the belief that Crypto “exchanges” aren’t exchanges in the traditional sense, and it is one of the primary reasons I set up GFO-X. They combine almost every market function: direct client onboarding, price matching, clearing, settlement, custody, leverage, and even proprietary trading. That makes them, effectively, brokers with extreme leverage and history is full of broker failures. Even in traditional FX, we recently saw the UK broker Argentex fall into insolvency during April’s sell off in USD. This full-stack model, where the credit is difficult to manage due to the extreme leverage, drove the need for auto-liquidation. This was marketed as an innovation, but auto-liquidation often protects the venue at the expense of its clients. In times of volatility, auto-liquidation exacerbates the price movements by causing further liquidation cascades – a vicious downward cycle (liquidation engines triggering further price drops triggering further liquidations), and crypto exchanges do not have the infrastructure to cope properly. During the sell-off, there were countless stories of profitable positions being closed out, fills not being sent back in a timely manner, inability to enter orders and collateral being trapped. Many clients were left wondering what their positions were. In any regulated setting, that outcome would be unacceptable. Responsibility for Collateral and Risk Some argue that clients are to blame for posting poor collateral. But in any properly regulated market, the Central Clearing Counterparty (CCP) is accountable for what it accepts. That is why clearing houses overwhelmingly prefer cash or highly liquid forms of collateral; it’s predictable, transparent, and liquid. Accepting illiquid or “toxic” collateral isn’t risk management; in fact, it is the opposite, and any good Risk Officer knows this. But if you can do so with no real repercussions, why not? When volatility hits, the cost is borne by participants, not the platforms, who likely benefit from the increased trading and auto-deleveraging. Why Big Institutions Stay on the Sidelines Institutional traders understand this risk. Their risk and operations teams price crypto exchange counterparty exposure carefully and cap it tightly for good reason. That is why we assert that there is no real institutional leverage in the system post-FTX, only retail leverage. If there were, with auto-deleveraging, the system would likely have crashed. It is also why major firms have gravitated to regulated, centrally cleared products, as they understand the rules set out by tier 1 financial regulators and exchange rulebooks, and can deploy the size they need using the credit intermediated/cleared model. The rise in IBIT options volumes on regulated venues is no coincidence; it’s a sign that professional investors are choosing structure and transparency over opacity and hope. Regulators and the Offshore Reality Many have suggested that regulators should step in and request audits of last weekend’s events. The reality is more complicated. Most of the crypto exchanges at the centre of this debate are licensed in offshore jurisdictions. These regulators often lack the experience, mandate, or resources to perform deep supervision or investigations, and exchanges know it. There’s a clear distinction between onshore and offshore regulation: one is designed to protect market integrity and participants; the other, too often, is just regulatory convenience. Onshore versus offshore is the game that has been played for years, as derivatives regulation, even for crypto, has always been clear, as evidenced by the CME BTC Futures being regulated and trading since 2017. Can a CCP / FCM Model Work for Crypto Exchanges? It’s a good and important question, and one that has been asked by crypto natives and TradFi industry titans alike over the last week. In reality, a cleared model wouldn’t fit into the current crypto ecosystem. If a crypto exchange adopted a full CCP or FCM structure, it would immediately lose control of the leverage and margin it extends to its clients. Those controls would pass back to the intermediaries — the banks and non-bank FCMs who, in traditional finance, act as the end credit gatekeeper to institutional and retail customers alike. That’s the exact intermediation crypto venues were determined to bypass. It would restrict their ability to offer 50x or 100x leverage to retail users, which is a core part of their business model. This leverage drives some of the massive liquidity these venues supposedly support, the liquidity which many institutions want to trade against, and is the driver behind the need to support auto-liquidation. It is at the very core of their business model and profitability, and it is unlikely they will give that up easily. Another reason that a CCP/FCM model won’t easily fit the current crypto market structure is that for clearing to really deliver benefits, contracts would need to be standardised and fungible across venues. A Bitcoin perpetual on Exchange X would have to be equivalent to the same product on Exchange Y. Can we realistically see today’s major crypto platforms collaborating and giving up control of their proprietary contract specs? Unlikely. You can’t have your cake and eat it: You can’t have excessive retail leverage and the return opportunities this generates for institutional trading firms while also asking for regulated transparency and institutional credibility. True clearing brings predictability, enforcement of contracts, transparency, and capital efficiency, but only when combined with sound leverage limits and risk discipline. The Role of GFO-X in Evolving The Market Structure Events like the previous weekend provide an opportunity to learn and grow. Market structure and technology limitations should not be seen as a sign of weakness in the underlying assets themselves, such as Bitcoin or Ethereum, although these often get conflated. The obvious learning is that until we fix the market structure, real institutional capital will remain cautious. At the same time, arbitrageurs will always have a role to play, determined by their risk appetite. Over time, the crypto market will likely evolve into a two tier market structure, which will be porous and intersect but may have minimal overlap: Offshore platforms offering significant retail leverage and the return opportunities this provides will persist, but they will likely continue to see limited institutional participation. Crowbarring their business model into a tier-1 regulated or Cleared / CCP structure will be extremely challenging, and New entrants will emerge to grow the institutional crypto market, build a more balanced, transparent structure, based on new technology, that unlocks genuine institutional credit and liquidity. We’ve seen this story before. Markets evolve, but the fundamentals of sound risk management don’t change. This time, though, technology gives us the tools to do it right. At GFO-X, we’re combining regulated, centrally cleared infrastructure connected to real credit intermediaries with the flexibility of 24/7 digital asset markets. Where transparency and technology work together, not against each other. The goal isn’t to replicate TradFi, it is to evolve it.

Excited to see Laser Digital executing their first Bitcoin options trade on GFO-X via Liquid Mercury Pro . Every new participant strengthens the regulated, centrally cleared digital-asset ecosystem we’re building—one designed to attract risk-aware, institutional capital and deliver transparency and counterparty protection at scale. - The Bitcoin options trade was completed through the Liquid Mercury Pro platform, underscoring the intersection of TradFi and DeFi platforms to service the growing crypto derivatives market - Backed by Nomura, Laser Digital (AD) Limited was recently licensed by the ADGM’s Financial Services Regulatory Authority to offer Digital Asset Services, along with their Dubai VARA license to offer OTC crypto derivatives, under its pilot framework London, UK | Oct 14, 2025: With open interest in the crypto derivatives market soaring in 2025, Laser Digital, the digital assets arm of Nomura Group, has announced the successful execution of its first Bitcoin options trade on GFO-X, the UK’s first FCA-authorised and centrally cleared digital-asset derivatives venue. The trade was completed through the Liquid Mercury Pro platform. Having been granted their FSRA license in 2024 and the OTC derivatives trading license earlier this year from Dubai’s VARA under its pilot framework, the successful options trade on GFO-X opens Laser Digital’s deep liquidity and risk management capabilities to institutions wanting to execute crypto futures and options trades, through trusted TradFi frameworks. GFO-X provides a regulated venue designed for institutional participants, offering streaming and block trading in centrally cleared Bitcoin futures and options, with an emphasis on transparency, counterparty protection, and operational resilience; key foundations for attracting risk-aware capital to the digital-asset ecosystem. Speaking on the successful first trade on GFO-X, Dr, Jez Mohideen, Co-founder and CEO, Laser Digita l, said, “ The emergence of fully regulated, centrally cleared crypto derivatives represents the next stage in the institutional adoption of digital assets. Trading on GFO-X brings our TradFi edge in risk management, capital efficiency, and counterparty protection to a market that’s rapidly evolving and constantly seeking trusted partners. As we roll out the full suite of digital finance for institutional clients, our focus remains on providing trades that align with regulatory compliance, and higher governance.” Arnab Sen, CEO and Co-Founder of GFO-X , commented, “Laser Digital is setting the benchmark for institutional participation in digital-asset derivatives. Their engagement on GFO-X underscores the growing demand for tier 1 regulated, centrally cleared, credit intermediated market infrastructure that allows institutions and professional investors to confidently trade and hedge exposure.” About Laser Digital Laser Digital is a full-service digital asset firm specializing in Trading, Asset Management, Solutions, and Early-Stage Investing. Nomura established Laser Digital to provide new value in digital assets to its clients, bridging traditional and crypto markets. We are positioned uniquely in the market, combining institutional-grade framework and risk management. - For more information, please visit: www.laserdigital.com - For partnership inquiries: inquiries@laserdigital.com - For media inquiries: media@laserdigital.com Laser Digital - Legal Disclaimer This is a marketing communication intended for professional investors in eligible jurisdictions only. It does not constitute investment advice or a recommendation. Past performance is not a reliable indicator of future results. Forecasts are not reliable indicators of future performance. Capital is at risk. Please consult the relevant offering documentation before making any investment decisions. For full disclosure: https://laserdigital.com/marketing-disclaimer/

BlackRock expands into yield and options, stablecoins move into regulated pilots, and Ethereum positions itself as Wall Street’s settlement layer.

September brings big moves across digital finance. Standard Chartered lays out its long-term crypto strategy, U.S. Bank restarts custody, Google launches a blockchain, and Ant International with JPMorgan settle FX on-chain. Stablecoins remain in focus too, with ongoing developments in the UAE and a timely report from State Street. All the above and more in this edition of The Upload.

Abu Dhabi, UAE – September 4, 2025 —Global Futures and Options Abu Dhabi Exchange Limited and GFO-X Abu Dhabi CCP Limited (together, GFO-X AD) announces that it has received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a Recognised Investment Exchange (RIE) and a Recognised Clearing House (RCH) for digital asset and related derivatives. Abu Dhabi, and specifically ADGM, has emerged as a global leader in digital asset financial market regulation, which was a key factor leading GFO-X Group to apply to the FSRA when looking for the next global jurisdiction into which to expand. This strategic expansion builds on GFO-X UK’s existing status as the UK’s first FCA-authorised, centrally cleared, digital asset derivatives Multilateral Trading Facility (MTF), and its technology base in Hong Kong. Together, these jurisdictions provide institutions with regulated venues across leading financial centres — giving global participants the choice of where and how to access digital asset derivatives, and other listed products, under trusted regulatory frameworks. Unlocking Institutional Market Access GFO-X AD will operate 24/7 and unlock new pathways for institutional participation by enabling digital assets to be used as margin within a centrally cleared format, which is at the core of the GFO-X Group business model. Central clearing solves for the counterparty and credit risk constraints that continue to limit large institutional adoption. Enabling digital assets to be used as margin in a cleared format also addresses collateral inefficiencies that have long constrained growth in digital asset derivatives trading. By supporting both cash-settled and physically delivered derivatives, alongside other listed products, GFO-X AD will offer a broader suite of products that caters for both institutional and crypto native investors on the same venue. Supporting the Next Wave of Digital Asset Innovation The RIE and RCH will provide: Round-the-clock trading and clearing and settlement – extending regulated access to weekends and after-hours markets. A full product suite – covering both cash-settled and physically delivered derivative contracts and other listed products. Institutional-grade central clearing – mitigating counterparty risk and resolving the pre-funding bottleneck. Collateral mobility at scale – integrating digital assets and tokenised real-world assets into mainstream market workflows. GFO-X AD is in advanced discussions with institutional partners and is targeting launch in 2026. With its In-Principle Approvals from FSRA in ADGM, authorisation in the UK, and global operations base, GFO-X Group is building the next generation of market infrastructure to integrate digital assets into institutional finance. Arnab Sen, CEO of GFO-X, commented: “This approval is a pivotal step in our journey to build a globally interconnected, regulated marketplace for digital asset derivatives and complementary products. ADGM’s regulatory sophistication and institutional-grade infrastructure make it an ideal jurisdiction for our next phase of growth to support digital assets and the benefits of collateral mobility.” Arvind Ramamurthy, Chief Market Development Officer at ADGM said, “We congratulate GFO-X Group on receiving their IPA from the FSRA of ADGM to establish a Global Digital Asset Exchange and Clearing Infrastructure within ADGM, the world’s leading international financial centre for digital assets. ADGM has consistently set the benchmark for progressive and robust financial regulation in this space, creating an environment where innovation and trust go hand in hand. Its comprehensive ecosystem, supportive framework, and forward-looking vision make it the ideal home for building a platform of global scale and integrity. We look forward to their contributions to ADGM’s thriving digital asset community and the continued growth of Abu Dhabi as a hub for the future of finance.” About The GFO-X Group GFO-X Group is a global market infrastructure provider focused on regulated digital asset derivatives. With operations in London, Hong Kong, and Abu Dhabi, the Group offers institutional-grade trading and clearing across key financial centres. GFO-X UK is the first FCA authorised, centrally cleared Multilateral Trading Facility (MTF) for digital asset derivatives, with all contracts cleared via LCH DigitalAssetClear. The Group has now expanded into Abu Dhabi, receiving In-Principle Approval from ADGM’s Financial Services Regulatory Authority (FSRA) to operate as a Recognised Investment Exchange (RIE) and Recognised Clearing House (RCH). GFO-X AD will offer 24/7 trading and clearing, supporting both cash-settled and physically delivered derivatives, as well as other listed products, and enable digital assets to be used as margin—unlocking new pathways for institutional participation. Backed by M&G Investments and supported by leading financial institutions, GFO-X Group is building the next generation of regulated infrastructure to integrate digital assets into mainstream finance, with a focus on transparency, risk management, and collateral mobility.

Regulatory tailwinds in the US and UK, IBIT options surge, Figma future proofing and a lesson in quant. All the above and more in this edition of The Upload.

Marex clients will gain access to Bitcoin index futures and options traded on GFO-X Partnership is expected to launch mid-September 2025 to meet growing institutional demand Marex, a diversified global financial services platform, and GFO-X, the UK’s first FCA-regulated and centrally cleared digital asset derivatives trading venue, are pleased to announce their strategic partnership to meet growing institutional demand for secure, regulated access to digital asset derivatives. As part of this partnership, Marex has committed to joining GFO-X as a Participant and will also join LCH SA’s DigitalAssetClear service as a Clearing Member, subject to the completion of LCH onboarding processes. Marex is targeting a go-live date in mid-September 2025. Through this integration, Marex clients will gain access to Bitcoin index futures and options traded on GFO-X and centrally cleared via LCH DigitalAssetClear, ensuring robust risk management, collateral optimisation, and counterparty protection aligned with global financial standards. Marex’s strategic partnership with GFO-X, focused on both existing and future opportunities in the digital asset derivatives space, reflects the growing institutional demand for a secure and regulated digital asset infrastructure. Arnab Sen, CEO and Co-Founder of GFO-X "We are delighted to welcome Marex to the GFO-X ecosystem. Their deep expertise in derivatives and strong global client base make them a tremendous partner in our mission to deliver institutional-grade digital asset market access. Marex’s commitment reflects the rapidly growing demand, and we look forward to working closely with them to scale the regulated, centrally cleared crypto derivatives market." Thomas Texier, Global Head of Clearing at Marex “We are excited to be partnering with GFO-X on this new venture. This partnership will allow us to meet the increasing demand for digital asset derivatives, allowing us to best meet our clients’ needs.” The partnership reflects a shared vision for a secure and scalable market structure that supports the stable long-term development of institutional digital asset derivatives.

US Regulations encourage big banks to consider stablecoins, a dive into the Pump ICO and tokenising SpaceX. All the above and more in this week's edition of The Upload.

GFO-X CEO Arnab Sen was recently interviewed by Emmanuel Vallod, Partner and Head of Ventures at Hivemind Capital . Arnab shares his insights on the relevance of derivatives, institutional needs, and the evolution of digital assets in traditional finance. Tune in to understand what's required for banks and large institutions to participate fully in this emerging asset class, backed by cutting-edge derivative structures and stringent regulatory compliance. Arnab “If you have a spot market, if there's a real underlying use case, let's say for BTC as a store of value, you're going to need to hedge or trade around that asset class” Watch the podcast here . Key Discussion Points Importance of Derivatives for Institutions: Large institutions use derivatives to enhance yield, buy protection, and issue structured products to clients [ 00:00 ]. Derivatives are crucial because they are typically how large institutions enter an asset class [ 00:31 ] Crypto Market Maturity: Arnab believes the crypto market is still very early in its maturity, comparing it to the "afternoon of day one in a test match" [ 09:34 ]. He points out that options, which are a significant portion of traditional finance derivatives, are under 5% of total crypto derivatives, indicating a lack of maturity [ 10:08 ]. Challenges for Institutional Adoption: Market Structure Issues: Early crypto market structures were unregulated, with exchanges performing too many functions, leading to conflicts of interest that deter large institutions [ 04:01 ]. Lack of Trust and Under-collateralization: There's little trust in the crypto market, leading to pre-funded models that don't work for derivatives [ 10:51 ]. The crypto derivatives ecosystem is described as “insanely under collateralised” [ 36:47 ]. Regulatory and Balance Sheet Issues: Banks face balance sheet issues and capital charges that prevent their participation [ 13:54 ]. Institutions require licensing from a Tier 1 jurisdiction and Qualified Central Counterparty (QCCP) status for balance sheet efficiency [ 33:05 ]. Integration with Legacy Systems: Banks operate on antiquated systems and require new crypto solutions to integrate with their existing workflows [ 47:20 ]. GFOX's Role: GFOX aims to bridge the gap by providing regulated, centrally cleared solutions for digital asset derivatives, partnering with entities like LCH for central clearing [ 11:15 ]. They focus on solving frictions in the options market [ 10:38 ] and bringing banks into the digital asset evolution [ 19:47 ]. R eal World Assets (RWA) and Derivatives: The world runs on derivatives, not spot markets [ 01:00:07 ]. Tokenised assets need to be usable as collateral, and regulated derivatives are essential to create demand and liquidity for RWAs [ 52:05 ]. The digitisation of assets can also shift power back to banks by enabling more efficient collateral management and risk distribution [ 55:51 ].

GFO-X Appoints Sabrina Wilson as Chief Operating Officer A seasoned leader with more than 30 years of experience across global financial institutions and the digital asset space, Sabrina will help scale GFO-X’s operations and product offering. Sabrina previously held executive and international leadership positions in London and New York at J.P. Morgan, Goldman Sachs, Deutsche Bank and Citi, where she most recently served as Managing Director, Global Head of Futures, OTC Clearing, and FX Prime Brokerage, as well as Global Head of Listed Electronic Execution. More recently she held the role of Group Chief Operating Officer of Copper Technologies (UK) Ltd, a leading provider of digital asset custody services. Sabrina’s appointment follows the successful launch of GFO-X’s venue in May and the execution of its first trade between leading firms IMC and Virtu, cleared by LCH - demonstrating strong industry support. Backed by deep liquidity, major bank partners, and robust infrastructure, GFO-X is well positioned for rapid growth. Arnab Sen, CEO of GFO-X , said, “Sabrina joins us at a time of significant strategic momentum. Her dynamic leadership, deep industry expertise and operational excellence will be instrumental in scaling GFO-X as we expand our regulated digital asset derivatives offering to institutional markets worldwide.” Sabrina Wilson  said, “I am excited to take on this role at GFO-X. Since its inception, GFO-X has successfully demonstrated its transformative potential, bringing live the first FCA regulated and centrally cleared digital asset derivatives venue in the UK and building significant momentum for institutional and wholesale adoption of the asset class. I look forward to partnering with founders Arnab Sen and Rajesh Melwani and the team as the business enters a new era of expansion.”

We're excited to announce a strategic partnership with ION, a global leader in trading and workflow automation. ION's technology will support market access, clearing, and post-trade processing for the GFO-X platform, enabling institutional participants to connect seamlessly to our regulated digital asset derivatives market. With ION’s XTP Execution, XTP Clearing, and trade-processing infrastructure, GFO-X clients can trade and clear digital asset derivatives with the same reliability and efficiency expected from traditional financial markets. Arnab Sen, CEO of GFO-X, said: "Working with ION enables us to deliver a secure, institutional-grade experience to our clients — bridging traditional and digital markets through proven infrastructure."

We’re pleased to announce that Trading Technologies (TT) has connected to GFO-X enabling TT clients to trade regulated, centrally cleared Bitcoin index futures and options on our venue. Arnab Sen, CEO of GFO-X, said: “Trading Technologies’ robust architecture and global connectivity align perfectly with GFO-X’s mission to deliver high-performance, institutional-grade access to digital asset derivatives. This integration enables market participants to leverage TT’s advanced execution capabilities on a fully regulated and centrally cleared venue. As we continue expanding our product suite, TT’s integration enhances our ability to offer deep liquidity and seamless access to the digital asset derivatives market within a familiar institutional framework.” Read the full release here .

First Institutional Trade Successfully Executed The New UK Trading Venue Brings Institutional-Grade Market Infrastructure, Central Clearing, and Deep Liquidity to Digital Asset Derivatives

London, 22 April 2025: GFO-X and Laser Digital, Nomura's digital asset subsidiary, today announced a strategic partnership to support the launch of GFO-X's UK-regulated and centrally cleared trading venue and other GFO-X digital asset initiatives. Laser Digital will offer its extensive client base access to GFO-X's centrally cleared digital asset futures and options products. Combining TradFi best practices with crypto innovation, Laser Digital, as a regulated Tier 1 financial institution, offers investors the confidence to navigate digital asset markets safely and in a compliant manner. Laser Digital is the reference provider of choice for financing solutions that intersects the crypto ecosystem and traditional finance.  Built for institutions, GFO-X provides a cutting-edge trading platform providing investors with a secure and efficient venue to seamlessly hedge and manage digital asset exposure via a full suite of cash settled Bitcoin index futures and options contracts. With a roster of leading liquidity providers, OMS and EMS integrations, and derivative products cleared by LCH DigitalAssetClear, one of the largest clearing houses in the world, GFO-X and Laser Digital will provide easy access to wholesale trading. With settlement certainty and finality, investors can transact in size on the market or via single or multi-leg futures and options block trades. Additionally, through this strategic partnership, GFO-X and Laser Digital will work to unlock the operational benefits of the digital asset market for large Tier 1 financial institutions. Olivier Dang, Head of Ventures at Laser Digital, said, "We are thrilled to partner with GFO-X as they launch the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives. This collaboration aligns perfectly with our vision to drive innovation and growth in the digital asset market." Arnab Sen, Founder and CEO of GFO-X , said, "We are delighted to announce our strategic partnership with Laser Digital, Nomura's digital asset subsidiary. This collaboration is a significant building block in our journey of launching the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives. Together, we aim to provide a secure and efficient trading environment for large Tier 1 institutions that combine TradFi best practices with crypto innovation. The evolving regulatory landscape and increasing institutional appetite for digital assets is driving this shift, and we are poised to meet the growing demand." About Laser Digital Laser Digital is a full-service digital asset firm specialising in trading, asset management, solutions and early-stage investing. Nomura established Laser Digital to provide new value in digital assets to its clients, bridging traditional and crypto markets. We are positioned uniquely in the market, combining years of traditional and crypto-native experience. About GFO-X GFO-X is the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives. GFO-X is authorised by the UK Financial Conduct Authority and has partnered with LCH SA. LCH SA offers clearing of Bitcoin index futures and options contracts traded on GFO-X through a new segregated clearing service, LCH DigitalAssetClear. GFO-X services the significant unmet need of large global institutional participants who require the certainty of a safe, regulated trading venue where large financial institutions can trade digital asset derivatives at scale while protecting their client's assets. A 'regulation first' approach has already enabled GFO-X to achieve trust and credibility with the largest institutions. The FCA-regulated venue will bring additional depth, breadth, and diversification to market participants' limited choices when accessing centrally cleared digital asset derivatives in a growing market.

The SEC publishes guidance for crypto issuers, leveraged BTC exposure at lows, and what is the current state of macro? All the above and more in this week's edition of The Upload.

Nomura's Research Institute tests digital bond issuance settled by using tokenised deposits, are ETH's block producers using DeFi for money laundering, and Bitcoin isn't a reserve asset according to the BOK. All the above and more in this week's edition of The Upload.

Mubadala Invests in Bitcoin, Bitcoin over the next decade, and time for the SEC to take crypto seriously? All the above and more in this week's edition of The Upload.

The head of the BIS foresees difficulty in Central Banks overtaking the likes of Tether, USDC and other stablecoins, A16Z's techno manifesto, and how endowments are building their Bitcoin holdings. All the above and more in this week's edition of The Upload

The crypto Czar speaks, we listen in, the IMF outlines the risk and rewards of tokenisation, and the SEC will take its time in clearing up the crypto "mess" as Pierce appoints task force members All the above and more in this week's edition of The Upload.

Gensler steps down as the SEC Chair and takes one final swipe at crypto, no Bitcoin Reserve (yet) , Morgan Stanley figuring out crypto transactions. All the above and more in this week's edition of The Upload.

As Biden gave his farewell speech the Trump team was in the background planning their next move for markets. Since then all risk markets have been in the green. Trump has spoken about adding an altcoin reserve with XRP and SOL. Interestingly ETH was left out of this conversation. All the above and more in this week's edition of The Upload.

Goggle's Willow poses a threat to more than just Bitcoin, the crypto princes who can win "big" under the Trump administration, and BlackRock recommends allocating 1-2% toward Bitcoin. All the above and more in this week's edition of The Upload.

GFO-X ANNOUNCES ABN AMRO CLEARING, IMC, STANDARD CHARTERED BANK AND VIRTU FINANCIAL AS STRATEGIC PARTNERS AHEAD OF LAUNCH IN Q1 2025 London, 9 December 2024: GFO-X announces ABN AMRO Clearing, IMC, Standard Chartered Bank and Virtu Financial as strategic partners ahead of launch in Q1 2025. GFO-X is the UK’s first regulated and centrally cleared trading venue dedicated to digital asset derivatives. GFO-X has been working closely with these partners to deliver the requirements necessary to grow the institutional digital asset index futures and options market. GFO-X provides a cutting-edge trading platform built for institutions, delivering investors a secure and efficient trading environment to seamlessly manage digital asset exposure. The company looks forward to announcing additional exciting partnerships with leading financial institutions in the immediate future. Arnab Sen, CEO and Co-Founder of GFO-X , said, “We are delighted to announce our strategic partners as we drive towards launch in Q1 next year. Their support is a clear and strong endorsement of our vision of the market structure required to deliver digital asset derivatives to large institutional clients. It demonstrates the need for a highly regulated venue to bring additional depth, breadth, and diversification to the current limited choices in centrally cleared digital asset index derivatives. We believe the digital asset derivatives market will grow exponentially over the coming years.” Barry Polak, Lead Product Commerce, ABN AMRO Clearing, said, “We are excited to partner with GFO-X, the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives. This strategic collaboration underscores our shared commitment to advancing the institutional digital asset futures and options market. By leveraging LCH DigitalAssetClear's clearing services, we enhance transaction security and minimise counterparty risk, offering our clients unparalleled confidence in trading Bitcoin futures and options. A logical step to continue to lead the way to safe and transparent markets.” Osi Lilian, IMC Strategic Investments Co-Lead , said , “ IMC was proud to be one of the earliest investors in GFO-X in 2021. We aligned with their vision of establishing the UK's first regulated and centrally cleared trading venue for digital asset derivatives, built on secure, high-performance technology and robust risk management . As a market maker, our strategic connection with GFO-X underscores our commitment to the institutional digital asset futures and options market – a rapidly evolving space we believe holds significant potential for continued growth and opportunity.” Andy Ross, Global Head, Prime & Financing, Financing & Securities Service, Standard Chartered , said, “We’re delighted to support the launch of GFO-X derivatives and to join LCH SA as a general clearing member to enable our clients to trade and clear. We continue to invest in servicing our clients broadly across the crypto space in coin, token and derivative form.” “ Virtu makes markets globally and is excited to support new and innovative platforms for digital assets in this role. We see broadening adoption and increasing demand as the crypto markets continue to mature and embrace the risk management benefits and capital efficiencies of centralised clearing.” About GFO-X GFO-X is the UK’s first regulated and centrally cleared trading venue dedicated to digital asset derivatives. Combining proprietary high-performance technology with industry-leading partnerships and infrastructure, GFO-X delivers the requirements necessary to grow the institutional digital asset derivatives market. GFO-X provides comprehensive risk management for transactions in digital asset derivatives through clearing provided by LCH DigitalAssetClear. Backed by M&G Investments and authorised by the UK Financial Conduct Authority (FCA) in 2022, GFO-X’s regulation-first approach has enabled it to partner with some of the largest financial institutions in the world. GFO-X believes the digital asset futures and options markets will grow exponentially over the coming years as the asset class matures and more sophisticated investors begin to participate in greater size. By solving market constraints such as counterparty risks and technology challenges, GFO-X delivers a robust market structure and innovative products to propel the next leg of growth of the digital asset ecosystem. About ABN AMRO Clearing ABN AMRO Clearing is recognised as a global leading provider of integrated solutions in clearing, execution, custody, financing, and risk management. With 11 offices globally, we are able to service clients on 160+ exchanges, MTFs and FX liquidity centres, processing over 20 million trades daily. ABN AMRO Clearing consistently ranks amongst the top 3 clearing firms on most relevant derivatives exchanges globally. With over 1000 colleagues, and together with our partners and our clients, it is our responsibility to encourage and support sensible and sustainable regulatory frameworks. We use our knowledge and expertise to lead the way to safe and transparent financial ecosystems. About IMC IMC is a leading global trading firm powered by a cutting-edge research environment and a world-class technology backbone. Founded in 1989, IMC employs more than 1,600 talented individuals across offices in Europe, the US, and Asia-Pacific. Its core business is to provide essential liquidity in financial assets on trading venues, and to deliver the best outcome in value and risk to investors. IMC engages in trading activities on its own account and employs advanced algorithms, statistical techniques, and innovative technologies to execute its strategies. IMC Strategic Investments is IMC’s venture capital arm. This entrepreneurial initiative is focused on collaboration, connecting start-ups and scale-ups with IMC’s world-class expertise and financial backing to drive long-lasting value and success across industries specialising in blockchain technology, quantum technology, DevOps, and cloud computing. About Standard Chartered We are a leading international banking group, with a presence in 52 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook. About Virtu Financial, Inc. Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrency and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre-, intra-, and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Gary Gensler is to step down as the SEC chair in January, Mike Flood (Congressman) seeks to revoke SAB 121, and the awakening of a giant? All the above and more in this week's edition of The Upload.

River looks at how the Dollar and Bitcoin will co-exist in what will be a new financial system, the HKMA warns about crypto venues acting like banks, and central bankers "wish" they were long Bitcoin. All the above and more in this week's edition of The Upload.

MicroStrategy seeks to raise $42B USD for more Bitcoin, "stablecoins will need to be regulated like narrow banks or money market funds", and the first UK Pension Fund invests in Bitcoin directly All the above and more in this week's edition of The Upload.

Eurex clearing trials wCBDC, the SEC outlines criteria for SAB 121 digital asset custody, and $200,000 BTC price is "conservative". All the above and more in this week's edition of The Upload.

The CFTC considers DLT-based collateral, the Bank of England wants to ensure tokenised wholesale transactions use wCBDCs, and J.P. Morgan says that Bitcoin and Gold could benefit from increasing geopolitical tensions. All the above and more in this week's edition of The Upload.

MicroStrategy continues to accumulate Bitcoin at a breathtaking pace, Bitcoin is a hedge against fiat debasement BlackRock claims, and the SEC approves options on BlackRock's IBIT. All the above and more in this week's edition of The Upload.

The UK government says crypto is property, we take a dive into stablecoins this week, and industry giants collaborate to release an insightful new report on stablecoins. All the above and more in this week's edition of The Upload.

CBDCs and your privacy, ETH vs SOL and Outlier Ventures says the four-year cycle is over. All the above and more in this week's edition of The Upload.

Crypto isn't really banned in China; with the Third Plenum now behind us are we likely to see a lifting on the crypto ban? What is behind the recent market turmoil? And the SFC welcomes the launch of Project Ensemble Sandbox. All the above and more in this week's edition of The Upload.

The 100,000 year asset, Hong Kong looks to establish a team to strategically acquire Bitcoin for the nations financial reserves, and bets for a Solana ETF have begun. All the above and more in this week's edition of The Upload.

Biden steps aside (good for digital assets?), the use of crypto in business according to Deloitte, and a step toward Bitcoin Layer 2's. All the above and more in this week's edition of The Upload.

At what point does U.S. debt become unsustainable, is ETH a commodity, and Larry Fink chimes in on Bitcoin again. All the above and more in this week's edition of The Upload

The US seeks to overturn Biden's SAB 121 veto, Whether governments are a reverse indicator, and half of all crypto tokens held by investment products have beaten the S&P 500 this year. All the above and more in this week's edition of The Digital Upload.

In the world of crypto and digital assets a week can feel like a life time so a quarter must feel like several. In such a case its always good to go back over some of the events that happened this past quarter. All the above and more in this week's edition of The Digital Upload.

54% of Japanese Institutions look to invest in crypto assets over the next 3 years, a whole new gold standard, and Citi unveils its own digital assets platform, CIDAP. All the above and more in this week's edition of The Slice.

The World Federation of Exchanges chimes in on the benefits and drawbacks of tokenisation, Mark Uyeda hits back at Biden for vetoing SAB 121, and the world’s largest bank calls Ethereum "Digital Oil". All the above and more in this week's edition of The Digital Upload.

Conference themes,memes, super PACs and solid principles. All the above and more in this week's edition of The Digital Upload.

The CFTC expects more crypto enforcement actions as the bull market continues, Saylor calls Bitcoin digital granite, and the Swiss National Bank explores the pro's and con's of different settlement options. All the above and more in this week's edition of The Slice, as we look back on the past week.

Liquid Mercury’s solution will power block trading of options and futures on GFO-X’s UK FCA authorised and regulated trading venue

GFO-X is today announcing another important milestone in bringing a robust, regulated derivatives marketplace for the trading of Bitcoin. Today, our partner, LSEG’s LCH SA announced it has received regulatory approval to clear cash-settled Bitcoin index futures and options contracts trading on GFO-X. The new dedicated service, LCH Digital Asset Clear is secure, underpinned by a segregated default fund, tailored risk management model, and a dedicated set of clearing rules. We’ve developed this offer in close consultation with market participants, having seen significant demand to deliver this dedicated trading and clearing service. GFO-X is at the forefront of supporting the institutional adoption of digital assets. Read LCH SA’s announcement in full below.

Q1 has seen BTC propel itself to be the most successful launch in ETF history, Bitcoin's market cap overtakes Sterling, the Swiss Franc, Silver, and Meta (Facebook), and the US looks to overturn SAB 121 - paving the way for banks to custody digital assets. All the above and more in this week's edition of The Upload, as we look back on what was a historical first quarter.

The ECB outlines goals for DLT wholesale settlement trials, the mathematical case for Bitcoin, and why tokenisation does not mean liquidity according to Anton Golub. All the above and more in this week's edition of The Digital Upload.

Bitcoin overtakes Silver by market cap to clinch 8th spot of the world's most valuable assets, the Journal of Financial Regulation chimes in on how (not) to regulate DeFi, and how to prevent future bank bailouts. All the above and more in this week's edition of The Upload.

Bitcoin overtakes both the British Pound and the Swiss Franc to claim its spot as the fifth-most valuable global currency according to Porkopolis Economics, Brazil's BTG Pactual launches its stablecoin on Crypto.com, and The Federal Reserve issues practical insights on the USDC de-pegging last year All the above and more in this week's edition of The Upload.

Deloitte US asks top public and private executives about their regulatory and compliance expectations for digital assets in 2024, Blockworks’ Mike Ippolito looks at crypto's prefunding problem, and Citi Group collaborates with Wellington and Wisdom Tree to explore tokenised private funds. All the above and more in this week's edition of The Digital Upload.

We're thrilled to announce the successful close of our recent $30m Series B investment round, led by M&G Investments. With this milestone, we welcome new institutional investors to our register, including Hivemind, SNZ Capital, HashKey Capital and IN. Capital. We're also grateful for the continued support from our existing investors, such as byWiT.

SEC Commissioner Hester Peirce offers her take on the spot Ethereum ETFs and their upcoming approval deadlines in May, QCP Capital is out on their Web-3 watch, and the Ex-LCH Group CRO asks what the trade-offs are between settlement times and deferred netting. All the above and more in this week's edition of The Digital Upload.

The Federal Reserve debates monetary policy under a new toolkit, the BoJ sets its eyes upon a CBDC, and the wider significance of Coinbase vs the SEC. All the above and more in this week's edition of The Upload.

The European Parliament votes on new AML rules for Digital Asset Service Providers (DASPs), Morgan Stanley's Head of Digital Asset Markets - Andrew Peel - asks whether well see "Digital (De)Dollarization?", and what experts are anticipating from markets in 2024. All the above and more in this week's edition of The Upload.

The United Nations notes its concerns around Tether, CoinShares is set to acquire digital assets firm Valkyrie, and attention has already switched to the upcoming Spot ETH ETF deadlines. All the above and more in this week's edition of The Upload.

Welcome back to one and all, we hope that 2024 has kicked off with a bang for you. In this week's edition of The Upload, we discuss the likelihood of the SEC approving the spot BTC ETF, the key takeaways from Bitwise's annual investor survey, and Arthur Hayes outlines three potential macro risks on the horizon. All the above and more in this week's edition of The Upload.

M&G Investments leads GFO-X Series B funding round, Van Eck joins Standard Chartered with calls for $100,000 Bitcoin, and the ECB publishes an interesting Bitcoin working paper and its exchange rate volatility.

M&G Investments is the £332 billion asset management arm of M&G plc Global Futures and Options Ltd (GFO-X), through its strategic partnership with LCH SA, is the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives M&G's investment will help support the growth of regulated digital assets, and create a global hub for the trading and clearing of digital asset derivatives M&G will join the Board of GFO-X Holdings London, 10 December 2023 – GFO-X today announces that M&G Investments has led a $30m Series B funding round for the Company and will join the Board of Global Futures and Options Holdings. The strategic investment will fund GFO-X through its forthcoming launch and support future innovation in the regulated digital asset sector, enhancing trust and credibility in the market. GFO-X services the significant unmet need of large global institutional participants. They require the certainty of a safe, regulated trading venue enabling them to trade digital asset derivatives at scale while protecting their client's assets. A 'regulation first' approach has already enabled GFO-X to achieve trust and credibility with the largest institutions. GFO-X's goal is to bring partners along the journey of innovation, step by step, as digital assets deliver more sophisticated institutional grade products. In April 2023, GFO-X announced a strategic partnership with LCH SA, London Stock Exchange Group’s (LSEG) Continental European clearing house. LCH SA will introduce a new, segregated central counterparty clearing service, LCH DigitalAssetClear, subject to regulatory approval. LCH DigitalAssetClear is focused on counterparty credit, risk management, and the settlement needs of the digital asset derivatives market as institutional products develop. This partnership will provide a unique and powerful service offering, combining GFO-X's deep understanding of the digital asset market, optimised contract specifications and high-performance technology capable of operating 24/7, with LCH SA's strong client base and proven risk management capabilities. M&G Portfolio Manager, Jeremy Punnett, says: “The lack of regulated trading venues is materially hampering the growth of the crypto derivatives trading market. The UK has the potential to become a global hub for crypto asset technology and investment, making London an excellent destination for GFO-X’s new global trading venue. This investment enables GFO-X to scale its operations as the business is set to benefit from investors shifting their trading from unregulated to regulated venues.” Arnab Sen, CEO of GFO-X , says, "Evolving regulation will bring digital assets into mainstream finance. This transition demands traditional market structures to solve the multiple risks currently associated with the digital asset market. However, building a regulated financial market ecosystem is complex, time-consuming and expensive, and the pitfalls of taking shortcuts are now clear for all to see. The long-term viability of digital assets and the digitisation of real tangible assets requires careful collaboration between traditional market participants and modern innovators. Having a patient long term capital partner such as M&G is crucial as we build the next generation of global financial market infrastructure for digital assets. " Corentine Poilvet-Clédière, CEO, LCH SA says, “LCH SA is excited to be working with GFO-X, together with the industry, to provide a regulated marketplace for Bitcoin index futures and options as we look to expand our services to become a truly international clearing house. We look forward to the launch of the service, ensuring the safe growth and development of this asset class as demand from institutional market participants grows.” Please see HERE for the M&G Investments Press Release. For further information: Serra Balls, Eterna Partners for GFO-X gfo-x@eternapartners.com +44 (0) 7775763018

Bitcoin joins the world's top 10 assets, the Treasury Select Committee poses questions on a digital pound, and crypto fund flows reach an 18-month high. All the above and more in this week's edition of The Digital Upload

The European Banking Authority launches another crypto AML consultation, a one-page cheat sheet on all things related to stablecoins, and the FT asks what is next for the old guard of crypto. All the above and more in this week's edition of The Digital Upload

Michael Barr speaks about real-time payments and the next generation of US banking regulation, a Bank of International Settlement survey finds CBDC privacy features are critical to its degree of adoption, and Fidelity Digital Assets issues a response to the common Bitcoin criticisms. All the above and more in this week's edition of The Digital Upload

A cabinet reshuffle brings back some old-faces and sees Andrew Griffith move on, new standards for crypto tax data rules agreed upon, and the European Banking Authority launches its latest set of consultations. All the above and more in this week's edition of The Digital Upload

The BoE opens to the idea of using stablecoins as a means of payment, the Digital Monetary Institute agrees that the development of wholesale CBDCs will be gradual, not revolutionary, and, Blockdata seeks to provide best practices for risk-based compliance programmes for crypto. All the above and more in this week's edition of The Digital Upload

Wisdom Tree plans to launch more digital funds, 'what is commodity money?', and the next steps for the Digital Euro. All the above and more in this week's edition of The Digital Upload

Morgan Stanley Wealth Management asks when the next crypto spring will come, The EU adopts new crypto tax rules, and the New York Attorney General alleges fraud against Gemini, Genesis, and DCG. All the above and more in this week's edition of The Digital Upload

Is Bitcoin really an inflation hedge? Tokenisation continues to see momentum as the Reserve Bank of Australia Assistant Governor chimes in on its uses, and a single tearsheet for everything Ethereum related. All the above and more in this week's edition of The Digital Upload

The options market OI growth outstrips Perpetual growth by over 4X, how regulators are trying to rebuild trust in the digital assets ecosystem, and a day-by-day update on the FTX trial, by The Unchained Podcast. All the above and more in this week's edition of The Digital Upload

The World Federation of Exchanges (WFE) published its six recommendations for crypto trading venues, an editor’s review of the most recent regulatory enforcement actions, and UBS pilots their own tokenized money market fund on the Ethereum blockchain. All the above and more in this week's edition of The Digital Upload

Q3's big talking points very much revolved around the flurry of both Spot and Futures ETF applications by large U.S. Asset Managers for both Bitcoin and Ethereum. All the while, the FSB issued its crypto regulation recommendations, and XRP came out on top against the SEC after a three-year court case (...although that may change)... All the above and more in this quarter's re-cap of The Digital Upload

The IMF chimes in on CBDC development, Citi Securities Services to provide digital custody for BondbloX, and is Bitcoin a "maturing asset"? All the above and more in this week's Digital Upload

The FCA lays down the laws of the land for crypto marketing, The Federal Reserve wants to regulate Stablecoins and a Flow Traders report shows how differing levels of BTC allocation in a traditional 60/40 would pan out. Find all this and more in your weekly edition of The Upload.

Jacobi FT Wilshire Bitcoin ETF goes live on Euronext, MAS finalises its Stablecoin legislation, and Fidelity Digital research finds miners should continue to mine over buying Bitcoin Find all this and more in your weekly edition of The Upload.

Ex-SEC chief says there won't be any ETF approvals until we have a Republican sat as SEC chair, Fidelity Digital Assets makes the case why Bitcoin should be seen as a monetary good, and analysis behind PayPal's recently unveiled PYUSD. All the above and more in this week's Digital Upload

A Flurry of Bitcoin and Ethereum-related ETFs were proposed last week, the optimal BTC allocation in a portfolio revealed by BlackRock, and India publishes its G20 Presidency Note on the crypto regulatory framework ahead of the IMF and FSB's synthesis paper. All the above and more in this week's Digital Upload

A&G, a Spanish Private Bank, is set to offer clients crypto funds, BCG reports on how to best manage the next wave of digital currencies, and Moody's publishes a report on the threat of cyber risk to tokenized bonds All the above and more in this week's Digital Upload

We listen in on what digital assets mean for the future of money, the Banque de France releases its findings and recommendations from its wholesale CBDC experiments, and the countdown begins with only 40,000 blocks remaining until the halving. All the above and more in this week's Digital Upload

We listen to a Securities Law professor talk about the landmark XRP ruling, the Financial Stability Board issues its latest recommendations for the industry, and WisdomTree offers its new Prime offering in 21 U.S. states

US trading hours lead BTC gains, The UK's FCA issues a compliance deadline for crypto promotions, and a spot BTC ETF approval isn't far away says Bernstein All the above and more in this week's Digital Upload

Like the first quarter of this year, Q2 has offered just as many newsworthy headlines, from BlackRock setting off a chain of new and renewed spot ETF BTC applications, to the SEC approving two crypto brokers, and Hong Kong opening its doors to all exchanges. All the above and more in this quarter's 'Looking Back'

BlackRock files for a spot Bitcoin BTC, results are in from Project Rosalind, and the BIS issues a working paper discussing “The Crypto Multiplier” All the above and more in your weekly edition of The Digital Upload

Hong Kong Invites all crypto exchanges, Fed to the ‘delay’ rising rates, and ASX takes a step backward?

Physically Backed ETFs don't seem to have won the regulator's favour, the final 50,000 blocks, and The WEF chimes in on the necessary steps for crypto regulation All the above and more in your weekly edition of The Digital Upload

In this week's edition, we wrap up the key regulatory takeaways from Andrew Griffith's panel at the FT's Crypto and Digital Assets conference. We also share highlights from our CEO's speech All the above and a summary of the panels from the FT's Spring Crypto and Digital Asset Summit in your weekly edition of the Digital Upload

Franklin Templeton files for their Blockchain Fund II, giving investors access to cryptocurrencies, the EU falls under pressure to extend clearing access, and OpenAI CEO, Sam Altman, raises $100mn for his latest foray into blockchain.

DWS announces partnership with Galaxy Digital, Mastercard launches a crypto credential solution, and the ECB unveils a new project for wholesale DLT settlement. All the above and more in your weekly edition of The Digital Upload

Soc Gen unveils their own EURCV Stablecoin which is to be issued on the Ethereum public blockchain, the race for clear regulation and guidance heats up as the CEO of Coinbase meets with the UK Economic Secretary to the Treasury placing a vote of confidence in The City's ability to deliver reform, and Franklin Templeton's tokenized MMF passes US $270 AUM. All the above and more in your weekly edition of The Digital Upload

Arta TechFin and GFO-X partner to enhance global liquidity and trading services of regulated digital asset derivatives Agreement to collaborate on the creation of product and provision of services relating to digital asset derivatives. Hong Kong and London – April 20, 2023: Arta TechFin Corporation Limited (“ARTA”) and Global Futures and Options Limited (“GFO-X”) today signed a Memorandum of Understanding and announce a strategic collaboration to create new and innovative digital asset derivative products tailored for both an Asian and UK/European customer base. GFO-X brings a regulated venue to grow the global liquidity pool for digital asset derivatives. ARTA will bring Asian-based client flow via regulated, cash-settled, derivatives solutions. The combination of GFO-X and Arta, which brings together a regulated institutional platform seeded with global liquidity, solves for the key gap between Asian and US trading hours, resolving client’s pain points and expediting institutional and family office’s adoption of digital assets in both regions. In 2022 ARTA invested in GFO-X alongside other institutional investors and family offices. Authorised and regulated by the UK FCA (Financial Conduct Authority), GFO-X is the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives . GFO-X recently announced a partnership with London Stock Exchange Group’s LCH SA. Subject to LCH SA’s regulatory approvals and requirements, GFO-X strives to ensure digital asset derivatives’ trading and clearing requirements and growing demand can be met within a secure, highly regulated environment. Arnab Sen CEO of GFO-X said: “We are delighted to announce this collaboration with ARTA. We look forward to working together to leverage each other’s geographical expertise to enhance our service offering to a significant and differentiated Asian customer base. GFO-X is regulated in the UK but has strong roots in Asia with our significant presence and heritage in Hong Kong. We see great potential in the growth and appetite for regulated digital asset derivative products in Asia.” Eddie Lau, CEO of ARTA said: “We are excited to partner with GFO-X in creating innovative digital asset solutions and offering the best global products to our clients. We bridge the gap between Asian and European flows and enable clients to take advantage of structural trading opportunities. Furthermore, our strategic investment in GFO-X shows our commitment in building up regulated digital asset ecosystem with leading global players.” About ARTA Arta TechFin is a hybrid financial (HyFi) platform bridging traditional finance with blockchain-based financial system via technology innovations. Our regulated one-stop solution enables corporates, financial institutions, and family offices to access traditional assets and digital assets. ARTA, through its various subsidiaries, are licensed under Hong Kong Securities and Futures Commission. Other licenses include Hong Kong Stock Exchange participant, insurance brokerage license, trustee license and money lending license in Hong Kong as well as Eurex participant in Germany. Further information can be found HERE Media Enquiries : Serra Balls, Eterna Partners for GFO-X gfo-x@eternapartners.com +44 (0)7775 763 018 Ayishah Ma, Arta TechFin ir@artatechfin.com +852 3513 8010

GFO-X is the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives GFO-X is authorised and regulated by the UK FCA (Financial Conduct Authority) to operate an MTF (Multilateral Trading Facility) LCH SA will introduce a new, segregated clearing service, DigitalAssetClear, for cash-settled Bitcoin index derivatives traded on GFO-X Launch is currently scheduled for Q4 2023, subject to completion of LCH SA regulatory approvals London, 13 April, 2023: GFO-X, the institutional-grade trading venue dedicated to digital asset derivatives, today announced a strategic partnership with LCH SA, an LSEG (London Stock Exchange Group) business, to launch the UK’s first centrally cleared trading venue for digital asset derivatives. At launch, GFO-X will offer trading in cash-settled BTC index futures and options. GFO-X in partnership with LCH SA will offer clearing on cash settled digital asset index derivatives, adding much needed trust to the digital asset derivative ecosystem. Underpinned by traditional market structure, evolving regulation will bring digital assets into mainstream finance. GFO-X is taking the first steps to extracting efficiencies from new technologies within a traditional market structure, with the goal over time of delivering 24/7 trading to global regulated digital asset markets. GFO-X and LCH SA have been working with an advisory working group comprising the world’s leading investment banks, trading firms and liquidity providers to optimise product design and risk methodologies. Arnab Sen, CEO and Co-Founder of GFO-X said “ Recent market events in the trading of digital assets have highlighted the need for a safe, regulated venue where large financial institutions can trade at scale, while keeping their clients’ assets protected. LCH delivers proven risk management capabilities across a range of asset classes and some of the most sophisticated clearing services in financial markets today. As the UK’s first regulated and centrally cleared trading venue focused entirely on digital asset futures and options, our joint vision is to ensure digital asset derivatives’ trading and clearing requirements and growing demand can be met within a secure, highly regulated environment.” Commenting on the new service, Frank Soussan, Head of LCH DigitalAssetClear said: “Bitcoin index futures and options are a rapidly growing asset class, with increasing interest among institutional market participants looking for access within a regulated environment they are familiar with. Offering centralised clearing for these cash-settled dollar-denominated crypto derivatives contracts on GFO-X is an important development for the market. The service is a powerful combination of GFO-X’s high-performance technology and optimised contract specifications with LCH’s proven risk management capabilities. We look forward to working with GFO-X and market participants alike to build a liquid, regulated marketplace for these products, and contributing to its safe growth and development.” Read the LCH press release here Media Enquiries: Serra Balls, Eterna Partners for GFO-X gfo-x@eternapartners.com +44 (0) 7775763018 About GFO-X Global Futures and Options Ltd (GFO-X) is the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives. UK FCA authorised and regulated, GFO-X is connected to the world's largest financial institutions and has partnered with leading clearing house LCH, solving for counterparty and credit risk. Evolving regulation will bring digital assets into mainstream finance. This transition demands traditional market structures, supported by new technologies, to solve the multiple risks currently associated with the digital asset market. GFO-X services the significant unmet need of large global institutional participants who require a highly regulated, institutional-grade trading venue for digital asset derivatives. Our mission is to deliver enhanced liquidity, institutional connectivity and risk mitigation through high-performance technology and optimised contract specifications.

The EU Parliament votes on new AML legislation, the BIS' Innovation Hub releases more details on Project Atlas, and the benefits (and drawbacks) of liquidity for tokenization, according to global custodian BNY Mellon. All the above and more in your weekly edition of The Digital Upload

In what is our very first ‘Looking Back’ The Upload unearths some of the best articles this quarter, we see that the three key themes of this quarter have been: tokenization, the restoration of trust and CBDCs. Don't forget about the FT Digital Asset Summit coming up in May, you can save 20% on your pass, read more below.

Exchanges post record volumes, the UK's FCA talks about tokenizing long-term asset funds, and how India's G20 presidency is leading the way for the future of crypto. All the above and more in your latest edition of the Upload

Would DLT replace the need for CCPs? Walt Lukken - Chair of the FIA - speaks on the ION hack and industry cyber security, and how the SEC vs Grayscale court hearing unfolded. All the above and more in your latest edition of the Upload

Crypto Bank Custodia takes on the Federal Reserve, Coinbase seeks to bridge the institutional gap with the acquisition of ORDAM, and the Reserve Bank of Australia releases its CBDC research and planned initiatives. Key central bankers gather around in London this week to discuss topics from CBDCs to tokenisation and domestic interoperability, we tell you where to sign up. All the above and more in your latest edition of the Upload

Rebuilding Trust & Safeguarding Crypto's Future. GFO-X are proud to be sponsoring this multi-track, two day event focusing on four key areas - markets, regulation, technology, and Web 3.0. View the agenda here . Get a 20% discount on your pass with code GFOX20 . 9-10 May | 2023 In-Person & Digital | Leonardo Royal Hotel London Tower Bridge

Crypto PE set to take off as Alan Howard backs 1RT as an LP, the IMF opines on the potential benefits and risks faced by the asset class, and asset tokenisation set to be the theme of the year This weeks "Watch & Listen" is a must-watch, and we share details on an upcoming roundtable regarding cross-border payments All the above and more in your latest edition of the Upload

US think tank weighs in on regulation vs innovation, total tokenised market to be 10% of global GDP by 2030 according to BCG & ADDX, and HM Treasury seeks a new lead to spearhead the digital pound project. All the above and more in your latest edition of the Upload.

In this edition, we listen to Governor J. Waller - a member of the Board of Governors of the Federal Reserve - talk about DLT, tokenisation and how they can both change the clearing and settlement of securities. We also glance at the latest research by the Federal Reserve Bank of New York which asks whether there is a "Bitcoin-Macro Disconnect?" Finally, JP Morgan makes the case for tokenising bank reserves. All the above and more in your latest edition of the Upload

What is a digital asset, and how does one really define it? In this edition, we listen to Michael Saylor explain how he views crypto assets, specifically Bitcoin. While out in DC we have senators battling it out, with 2023 to set the "cadence" for future ongoing regulation. And Walt Lukken (President & CEO of the FIA) shares his views on the key issues we face in 2023. All the above and more in your latest edition of the Upload.

In this edition of the upload, we look at a recent article published by the President and CEO of the FIA. We then sit down and listen to Kanav Kariya, President of Jump Crypto who calls for a more sophisticated capital market structure. Finally, find out how FIS is leveraging crypto and blockchain technology to increase its offering to clients and improve back-office efficiency.

Crypto Market Cap passes $1tn USD, returning to pre-FTX levels. François Villeroy de Galhau, governor of the Banque de France, calls for regulation in a coordinated manner, with international rules within the crypto sector an "utmost priority". And, further crypto updates from Davos.

It's already been a busy week, welcome to 2023! In this week's edition, we glance at the CME Group's Bitcoin contract's ADV and OI levels in 2022, the SEC issues subpoenas in a busy week, and whether Circle and Blackrock plan on parking money at the Fed.

VanEck's 11 predictions for 2023, tokenization dominates 2022 and is set to continue in the new year, and uproar over the proposed Digital Assets AML Bill in the US. All of the above and more in your festive edition of the Digital Upload.

Impending law changes will force The Fed to reveal all institutions that have applied for or have access to its facilities, A.K.A the "Federal Reserve Master Account", what IMF bailouts can teach CZ and the crypto industry, and a thought-provoking article on the crypto market micro-structure by an ex-advisor to the BoE. All this and more in the festive edition of the Digital Upload.

November has been quite a volatile month in crypto. The final week has been no different, from on-the-run FTX funds, to JP Morgan patenting its own wallet, and now another victim of financial contagion.

We attended FIA Chicago, and separately a leading industry digital asset conference. Both events highlighted that the asset class is still in demand, although there are understandable concerns around counterparty risk. Man Group announces a crypto fund, Bill Ackman changes his mind, and a sneak peek behind JP Morgan and SBI's Cross currency trade on the Polygon Network.

GFO-X is a new centrally-cleared trading venue for digital asset derivatives, authorised and regulated by the UK Financial Conduct Authority. Launching in 2023

Welcome to the inaugural edition of the GFO-X newsletter, where we curate a selection of relevant and important stories in the digital asset arena with a focus on regulation and products. Enjoy!