Deribit FZE, the Dubai entity of Deribit Group, has obtained a conditional Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA).
According to a recent statement published by the platform, the licence covers spot and derivatives trading and will remain non-operational until Deribit fully satisfies all remaining conditions and localisation requirements defined by the regulator.
Notably, this licence makes Deribit, an already leading crypto derivative options platform, the first derivatives exchange to receive regulatory approval from VARA. This development signifies a significant stride not only for Deribit but also for the wider digital asset trading sphere.
Deribit Moves its Global Headquarters to Dubai, Appoints New Executives
Meanwhile, Deribit has also made strategic organizational changes, including relocating its global headquarters from Panama to Dubai.
Once operational, Deribit will serve institutional and qualified investors in the region and continue to serve its retail client base from its broker affiliate in Panama. However, Deribit must still complete some steps before officially launching its platform in Dubai.
The firm anticipates that its incorporation into Dubai’s robust regulatory framework for crypto venues will appeal to traditional financial institutions and sophisticated investors, thereby augmenting its market reach and credibility.
In tandem with this transition, Luuk Strijers was promoted to the Chief Executive Officer role after acting as the firm’s Chief Commercial Officer since 2019. Two Non-Executive Directors were also appointed.
Commenting on his appointment, Strijers remarked:
“Being appointed CEO at this crucial time is a huge honour. 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. I’m thrilled to work with our loyal clientele and drive Deribit’s innovation as we continue to lead in the evolving crypto marketplace.”
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