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Deribit obtains regulatory approval in Dubai


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A leading crypto derivative options exchange, Deribit has obtained a conditional regulatory license from the Virtual Asset Regulatory Authority (VARA) in Dubai. In a Tuesday blog post, Deribit confirmed the development, stressing that the regulatory feat will enable it to offer virtual asset exchange services in line with the laws in the region.

According to Deribit, the license issued by VARA covers both spot and derivatives trading services in Dubai. However, it emphasized that the approval is only effective if it satisfies all remaining conditions, including localization requirements spelt out by VARA.

Deribit to relocate headquarters to Dubai

At press time, Deribit is still working on relocating its global headquarters to Dubai. It has already appointed Luuk Strijers as the CEO along with other two non-executive directors. Luuk joined Deribit in 2019 as its Chief Commercial Officer. With his new role, Luuk brings a robust track record and experience in product development and client engagement.

Commenting on the news of his appointment, Luuk affirmed his commitment to working with relevant authorities to foster the development of virtual asset economy in Dubai. According to the CEO, VARA’s regulatory framework unlocks scores of opportunities that are embedded in the world of digital assets. He added that Deribit’s activities in the industry speaks to its strong belief in a thriving virtual asset realm.

Meanwhile, the two non-executive directors are Dennis Dijkstra and Willem Meijer. The duo, according to Deribit, will assist in advising on the long-term development strategy of the firm. More so, they will work along with Luuk to position Deribit as a leading and profitable enterprise in the market.

In its blog post, the exchange affirmed readiness to work with VARA to meet the remaining requirements so as to fully launch its presence in the region. After launch, Deribit will leverage its leading technology to provide spot and derivatives trading services to institutional investors. However, the exchange will still serve retail customers from its broker affiliate in Panama until further notice.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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