Deribit, the world's leading crypto options exchange, announced on Tuesday that its Dubai-based division Deribit FZE has been awarded a conditional virtual asset provider (VASP) license from local regulators.
The license, which allows FZE to operate as a virtual asset exchange for spot and derivatives trading, says that it cannot operate until Deribit satisfies all remaining conditions and local requirements of Dubai's Virtual Assets Regulatory Authority (VARA). Deribit said in a press release.
Once operational, the license will allow Deribit to continue serving institutional and accredited investors, as well as retail investors through its Panama-based broker affiliate. become.
The exchange also said it was considering moving its global headquarters from Panama to Dubai and announced Luke Strierels, who has served as chief commercial officer since 2019, as its new chief executive officer.
“Obtaining the full VARA Spot and Derivatives license is an important next step in our efforts to improve the overall quality and governance standards of our platform after obtaining ISO and SOC2 certification and appointing a non-executive director. “Our strong position in the crypto options market reflects our customers' confidence in us,” Strigers told CoinDesk.
Deribit accounts for over 85% of global cryptocurrency derivatives activity. The platform offers options on Bitcoin (BTC), Ether (ETH), and Solana (SOL), perpetual futures on Bitcoin and Ether, and futures tied to DVOL, the Bitcoin volatility index.
A year ago, Dubai’s VARA announced a regulatory framework for cryptocurrencies that includes a set of rules, requiring companies to secure licenses to operate legally in the country.
A VASP license is mandatory and a prerequisite for running a virtual asset business in Dubai. Once obtained, a license is valid for one year and must be renewed annually, according to White & Case. The exchange said it will soon announce plans, terms and exact timing for commencing operations under the new licensed entity.
