GlobalBlock Provides Update on FCA Registration and Announces EU Incorporation
- GlobalBlock UK incorporates business in the EU and withdraws from the FCA registration process -
- Operations will continue uninterrupted beyond the FCA's 31st March 2022 deadline -
London, United Kingdom and Vancouver, British Columbia--(Newsfile Corp. - March 24, 2022) - GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the "Company" or "GlobalBlock") provides the following update on the pending application (the "Application") by the Company's wholly owned UK subsidiary, GlobalBlock Limited ("GlobalBlock UK"), for registration as a cryptoasset business with the Financial Conduct Authority in the United Kingdom (the "FCA"), following an earlier press release on 25 February 2022.
Over the past few weeks, the Company has had regular correspondence with the FCA regarding its Application and has decided that a withdrawal from the FCA process is in the best interests of its clients and shareholders, with a view to reapplying at some point in the future. A 60-day extension for GlobalBlock UK under the temporary registration regime has been agreed with the FCA to ensure the Company has a smooth transition to becoming a European based Virtual Asset Service Provider (VASP).
GlobalBlock is therefore pleased to announce that, in conjunction with the above decision and fitting with its plans to expand the customer base beyond the UK, it has incorporated GlobalBlock Europe UAB in the European Union jurisdiction of Lithuania. This means that GlobalBlock UK will remain registered under the FCA's temporary regime in the UK until the 25th May 2022, during which time the Company will be registered as a VASP in Europe. This will ensure all client assets and trading services will continue as normal and accounts will be transitioned into a more crypto friendly regime.
GlobalBlock remains committed to the highest of regulatory standards, employing stringent policies and procedures in respect to Know Your Customer, Anti-Money Laundering and Anti-Terrorist Financing.
Rufus Round, CEO of GlobalBlock, said:
"Our client centric approach has meant that the recent FCA developments have had little to no impact on the business in terms of clients' loyalty to the brand. GlobalBlock is dedicated to offering the best-in-class digital asset product solutions and cryptoasset trading services and we are very aware that this nascent industry is subject to certain regulatory uncertainties.
"We look forward to transitioning them seamlessly to GlobalBlock Europe and the Company's roadmap for growth remains intact, with plans to upgrade our technology soon. In turn we will be able to open further product offerings and opportunities for the business. The potential for MiCA and European crypto regulatory passporting is an exciting prospect that will open a huge market for us."
Adoption of New Articles
The Company also confirms that it has formally adopted the new Articles that were approved by the shareholders of the Company in accordance with the Business Corporations Act (British Columbia) at the December 31, 2020 meeting of shareholders of the Company. The purpose of implementing these new Articles was to modernize the Company's Articles and better align with recent legal and regulatory developments and market practice by TSX Venture Exchange listed companies. The major changes from the former Articles included adoption of "advance notice" provisions, updates to the mandatory indemnification provisions and certain "housekeeping" amendments that were intended to clarify and simplify the Articles.
ABOUT THE COMPANY
GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSXV: BLOK) whose wholly owned subsidiary, GlobalBlock Limited (https://www.globalblock.co.uk), is at this time a United Kingdom based digital asset broker that provides a personalised telephone brokerage service, trading platform and mobile app. Established in 2018 by an experienced team of financial services professionals, GlobalBlock Limited acts as a trusted agent serving the digital asset needs of individuals, corporates, institutional financial firms and intermediaries, providing best execution trading and safe custody of digital assets. At this time, GlobalBlock Limited only accepts United Kingdom and Ireland resident clients or customers for its digital asset broker or trading services.
For further information please contact the Company at:
Rufus Round, CEO
c/o 65 Curzon Street, London, W1J 8PE, United Kingdom
Tel. +00 44 20 3286 2904
Citigate Dewe Rogerson
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes forward-looking statements or information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the continued and successful development of the businesses and technologies of each of the Company, GlobalBlock Limited and GlobalBlock Europe UAB, the ability of GlobalBlock Europe UAB to obtain the applicable regulatory approvals to continue to conduct its business and other information concerning the intentions, plans, future action and future successes of the Company, and its businesses, technologies and products described herein. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's most recent management's discussion and analysis, a copy of which is filed on SEDAR at www.sedar.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118036