NewsletterBreaking: Crypto Derivatives Exchange Deribit Gets License in Dubai
Highlights
- Deribit FZE becomes first crypto derivatives exchange to receive license from Dubai's Virtual Asset Regulatory Authority (VARA)
- Deribit to relocate the firm’s global headquarters to Dubai.
- Chief commercial officer Luuk Strijers is promoted to new CEO.
The world’s leading crypto derivatives exchange Deribit has received a conditional Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA). Deribit is also relocating global headquarters to Dubai and promoting chief commercial officer Luuk Strijers as the new chief executive officer (CEO).
Deribit FZE Receives License in Dubai
Deribit FZE, the Dubai entity of Deribit group, becomes the first crypto derivatives exchange to receive regulatory approval from Dubai’s Virtual Asset Regulatory Authority (VARA), as per a press release on April 2. This marks a great development for the firm and crypto community.
The conditional Virtual Asset Service Provider (VASP) for virtual asset exchange services is subjected to fulfillment of specific conditions and qualifying for operational approval. The license applies to both spot and derivatives trading. The official launch will happen after the completion of the last formal steps with complete VARA approval.
Moreover, Deribit to relocate the firm’s global headquarters to Dubai, United Arab Emirates. It will offer crypto services to institutional and qualified investors after the firm starts corporate operations. Meanwhile, the firm will continue to provide services to retail investors through a broker affiliate in Panama. The broker affiliate is a member of Deribit FZE in Dubai until further notice.
Luuk Strijers, current chief commercial officer gets promoted to new CEO of Deribit. Moreover, Dennis Dijkstra, former CEO of Flow Traders, and industry veteran Willem Meijer, will become non-executive directors for Deribit. They will continue to advising on the long-term growth strategy of the company.
“VARA’s progressive regulatory framework opens up vast opportunities in the digital asset realm. Our strong position in the crypto options market reflects the trust our clients have in us,” said Luuk Strijers.
Also Read: Bitcoin ETF Flows Turn Negative As Q2 Begins, Halving Excitement Ends?
Crypto Companies Expansion to Dubai, UAE
Since Dubai established the Virtual Asset Regulatory Authority (VARA), the world’s first independent crypto regulator, in March 2022, the region saw major crypto adoption. Several major crypto exchanges including Binance, Bybit, OKX have expanded to the city.
Dubai is now the major destination for the global crypto market due to crypto-friendly regulations and ease of crypto trading. The vibrant city of Dubai is hosting the Blockchain Life Forum 2024, one of the biggest even for crypto community, on April 15-16.
Also Read: Shiba Inu Team Spotlights KNINE Listing, KNINE Price To Rally?
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