GlobalBlock Completes Transition of Digital Asset Brokerage Business to EU
London, United Kingdom and Vancouver, British Columbia--(Newsfile Corp. - May 25, 2022) - GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the "Company" or "GlobalBlock") is pleased to announce that 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 UK incorporated subsidiary, GlobalBlock Limited, 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, CEO 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 THE COMPANY
GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSX Venture: BLOK) whose subsidiary, GlobalBlock Europe, UAB (https://www.globalblock.eu), is a European Union based digital asset broker that provides a personalised telephone brokerage service, trading platform and mobile app. Established by an experienced team of financial services professionals, GlobalBlock Europe, UAB 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 UK can be onboarded to its digital asset broker and trading services.
For further information please contact the Company at:
Rufus Round, CEO
c/o Lvovo g. 25-104, Vilnius, Lithuania
Tel. +44 20 3307 3795
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 and its subsidiaries, the ability of the Company and its subsidiaries 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.
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