Globally leading crypto derivatives trading platform Deribit has been granted a conditional Virtual Asset Service Provider (VASP) license by the Virtual Assets Regulatory Authority (VARA) in Dubai. Deribit is also relocating its global headquarters to Dubai and promoting Chief Commercial Officer Luuk Strijers to the new role of Chief Executive Officer (CEO).
Deribit FZE Receives Dubai License Deribit FZE, the Dubai entity of the Deribit Group, has become the first crypto derivatives trading platform to receive regulatory approval from the Dubai Virtual Assets Regulatory Authority (VARA), according to a press release on April 2. This marks a major development for the company and the crypto community.
The conditional Virtual Asset Service Provider (VASP) for virtual asset exchange services is subject to meeting certain conditions and qualifying for operational approval. The license applies to both spot and derivatives trading. The official launch will take place after the final formal steps are completed with full VARA approval.
Furthermore, Deribit will move its global headquarters to Dubai, UAE. It will offer crypto services to institutional and qualified investors after the company starts its commercial operations. Meanwhile, the company will continue to provide services to individual investors through an affiliated brokerage firm in Panama. The affiliated agent is a member of Deribit FZE in Dubai until further notice.
Luuk Strijers, the current Chief Commercial Officer, has been promoted to the new CEO of Deribit. Additionally, Dennis Dijkstra, the former CEO of Flow Traders, and industry veteran Willem Meijer will become non-executive directors of Deribit. They will continue to advise on the company’s long-term growth strategy.
“VARA’s progressive regulatory framework opens up vast opportunities in the digital asset space. Our strong position in the crypto options market reflects the trust our clients have in us,” said Luuk Strijers.
Crypto companies are expanding to Dubai, UAE Since Dubai established the Virtual Assets Regulatory Authority (VARA), the world’s first independent cryptocurrency regulator, in March 2022, the region has seen a huge adoption of cryptocurrencies. Several major cryptocurrency exchanges including Binance, Bybit, and OKX have expanded to the city.
Dubai is now the leading destination for the global cryptocurrency market due to its crypto-friendly regulations and ease of crypto trading. The vibrant city of Dubai is hosting the Blockchain Life Forum 2024, one of the largest forums even for the cryptocurrency community, on April 15-16.
