Crypto Exchange Deribit Licensed for in Dubai

Crypto Exchange Deribit Licensed for in Dubai

Crypto Exchange Deribit Licensed for in Dubai

Dubai’s VARA has granted a conditional license to Deribit, allowing it to operate as a Virtual Asset Service Provider (VASP).

Dubai’s Virtual Asset Regulatory Authority (VARA) has granted a conditional Virtual Asset Service Provider (VASP) license to Deribit, the most prominent cryptocurrency derivatives exchange in the world.

Deribit is also moving its worldwide offices to Dubai and promoting Luuk Strijers, the former chief commercial officer, to the position of chief executive officer (CEO).

Deribit FZE Receives License in Dubai

After receiving regulatory clearance from Dubai’s Virtual Asset Regulatory Authority (VARA), Deribit FZE, the Dubai company of the Deribit group, became the first cryptocurrency derivatives exchange.

The company disclosed this information in a press statement on April 2. This is a significant step forward for the company and the cryptocurrency community.

To provide services related to virtual asset exchange, the conditional Virtual Asset Service Provider (VASP) is subject to fulfilling particular requirements and the qualification for operating approval.

The license covers all types of trading, including spot and derivatives. The official launch will occur after completing all final formalities and receiving full permission from the VARA.

Moreover, Deribit plans to move the company’s global headquarters to Dubai, in the United Arab Emirates. After the company begins its corporate activities, it will provide cryptocurrency services to institutional investors and investors who meet specific criteria.

In the meantime, the company will continue to offer its services to retail investors through a broker affiliate located in Panama. Until further notice, the broker affiliate is a member of Deribit FZE in Dubai.

The current Chief Commercial Officer, Luuk Strijers, has been elevated to the position of Chief Executive Officer of Deribit. In addition, Willem Meijer, a business veteran, and Dennis Dijkstra, who formerly served as the CEO of Flow Traders, will be appointed non-executive directors for Deribit.

We expect them to continue guiding the company’s long-term growth strategy. The innovative regulatory framework that VARA has in place paves the way for a plethora of options in the field of digital assets.

According to Luuk Strijers, our solid position in the cryptocurrency options market reflects the trust our customers have in us. The region has seen a significant increase in cryptocurrency usage since the establishment of the Virtual Asset Regulatory Authority (VARA) in Dubai in March 2022.

VARA is the world’s first independent cryptocurrency regulator. Binance, Bybit, and OKX are prominent cryptocurrency exchanges that have expanded their operations in the city.

With legislation favorable to cryptocurrencies and the ease with which they can be traded, Dubai has emerged as the leading destination for the global cryptocurrency industry.

The Blockchain Life Forum 2024, which is one of the most significant events for the cryptocurrency community, will take place on April 15–16 in Dubai, a city that is known for its vibrancy. 

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