Until Deribit completes all outstanding criteria, its VASP license will not be operative.
Deribit moved its worldwide headquarters from Panama to Dubai.
Deribit, a global leader in cryptocurrency options and futures, is moving its operations to Dubai after a fresh green light from the region’s regulators. The Deribit group’s Dubai subsidiary, Deribit FZE, was declared by Deribit on April 2 as having obtained a VASP license from the Virtual Asset Regulatory Authority (VARA) of Dubai.
Deribit is now able to provide spot and crypto derivatives trading (futures, options, and other similar products) in Dubai thanks to their new license. Until Deribit completes all outstanding criteria and chooses the localization requirements specified by VARA, its VASP license will not be operative.
Launch details, conditions, and the precise start date to operate under the new licensed company will be shared by the exchange shortly, according to the release.
Regulatory Milestone
After it launches, Deribit will cater to Dubai’s institutional and qualified investors. Additionally, the exchange’s broker affiliate in Panama, which is a part of Deribit FZE in Dubai, will keep serving retail customers from that location until further notice.
Deribit has not only obtained the license, but it has also appointed Luuk Strijers, its previous chief commercial officer, to the position of chief executive officer and moved its worldwide headquarters from Panama to Dubai.
John Jansen, co-founder of Deribit, has said that the acquisition of the conditional VASP license from VARA is “not just a regulatory milestone” but also an indication of the firm’s dedication to provide an open and safe platform. In addition to expanding its reach, Jansen said that by establishing their operations in Dubai, they are reiterating the commitment to becoming the trading platform of choice.
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