The regulatory permission in Dubai has accelerated Deribit’s planned move. Deribit can now provide more services thanks to the VASP license.
Dubai will soon be home to Deribit’s headquarters, the company declared. Following the acquisition of a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), the Deribit group’s Dubai subsidiary, Deribit FZE, made this strategic choice.
Deribit, a platform that helps people buy and sell Bitcoin and other cryptocurrencies, is at a crossroads right now as it tries to build its business and fit in with Dubai’s emerging reputation as a crypto-friendly city.
The issuance of the VASP licence by VARA represents a significant achievement, as it empowers the organisation to provide a wide range of cryptocurrency trading services in Dubai. Futures, options, and spot trading are all part of this.
Nevertheless, the license is contingent upon the licensee fulfilling all the criteria and localization requirements set by VARA, after which it will become active. When the newly licensed firm is ready to begin operations, the exchange will disclose its launch plans, which include the specifics of when and how it will begin.
They are so confident in Dubai’s regulatory climate and its potential to become a world leader in virtual assets that they are relocating their headquarters there from Panama.
A new era of leadership and strategic direction for the exchange has begun with the appointment of Luuk Strijers as CEO, which corresponds with this move. Strijers was formerly the chief commercial officer.
When fully functioning, its primary target market will be Dubai’s institutional and qualified investors; via its Panamanian broker affiliate, it will continue to serve its retail client. Implementing this dual strategy guarantees the organisation the ability to capitalise on Dubai’s advantageous standing in the international marketplace, thereby enticing a discerning group of investors, all the while maintaining uninterrupted service to its current clientele.
Deribit has made a bold move to improve the quality and governance standards of its platform by acquiring the VASP license and relocating. Acquiring ISO and SOC2 approval and nominating non-executive directors are only a few of the significant accomplishments that the firm has made so far, solidifying its leadership position in the cryptocurrency options industry and earning the confidence of its customers.
Nonetheless, it represents a more far-reaching goal of capitalizing on developing economies and legal environments that are favorable to cryptocurrency trade.
For cryptocurrency companies seeking to grow their operations and attract more investors, the Emirate is a great choice due to its progressive attitude towards virtual assets and its goal of creating a thorough regulatory framework.
Deribit will be a major player in the region’s crypto trading landscape when it launches its services under the new legal framework. This development is in line with Dubai’s plans to attract creative companies and investors from all over the globe by becoming a centre for virtual assets.
Moving Deribit’s operations to Dubai, with the support of VARA’s critical permission, is a major step forward for the firm and the cryptocurrency sector as a whole. The cryptocurrency community is closely observing Deribit’s preparations to launch operations under the new license, as they want to understand the potential impact on market dynamics and regulatory processes inside the virtual asset sector.
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