The Virtual Asset Regulatory Authority (VARA) in Dubai grants Deribit FZE, the first cryptocurrency derivatives exchange, permission to move the company’s global headquarters to Dubai.
Luuk Strijers, the COO, assumes the role of new CEO, stepping up from his previous position.
Dubai’s Virtual Asset Regulatory Authority (VARA) has granted a conditional Virtual Asset Service Provider (VASP) license to Deribit, the top cryptocurrency derivatives exchange in the world. In addition, Deribit is elevating Luuk Strijers, its chief commercial officer, to the position of chief executive officer (CEO) and moving its worldwide headquarters to Dubai.
Dubai Issues License to Deribit FZE
According to a press statement on April 2, Deribit FZE, the Deribit group’s Dubai business, is the first cryptocurrency derivatives exchange to acquire regulatory permission from Dubai’s Virtual Asset Regulatory Authority (VARA). This is a huge step forward for the company and the cryptocurrency world.
Conditional Virtual Asset Service Providers (VASPs) must fulfill specific requirements and gain approval to offer virtual asset exchange services. The license covers both spot and futures trading. Once VARA approves all formal procedures, the official launch will occur.
The company’s global headquarters will also be moved by Deribit to Dubai, United Arab Emirates. After the company launches corporate operations, it will provide cryptocurrency services to accredited and institutional investors. Through a broker affiliate in Panama, the company will carry on offering services to regular investors in the interim. Until further notice, the broker affiliate is a part of Deribit FZE in Dubai.
Deribit’s existing chief commercial officer, Luuk Strijers, is elevated to the position of CEO. Additionally, Deribit has appointed Dennis Dijkstra, a former CEO of Flow Traders, and Willem Meijer, a seasoned industry veteran, as non-executive directors. They will still offer advice on the company’s long-term growth strategy.
The evolving legal framework of VARA creates a plethora of options in the domain of digital assets. Our solid standing in the cryptocurrency options market is a testament to our clients’ faith in us, according to Luuk Strijers.
Crypto Businesses’ UAE Expansion to Dubai
Major cryptocurrency adoption has occurred in the region after Dubai established the Virtual Asset Regulatory Authority (VARA), the first independent crypto regulator in the world, in March 2022. The city has seen the expansion of several significant cryptocurrency exchanges, such as Binance, Bybit, and OKX.
Due to its crypto-friendly laws and convenient crypto trading, Dubai has emerged as a significant hub for the global cryptocurrency market. The Blockchain Life Forum 2024, one of the largest gatherings for the cryptocurrency community, will take place in the energetic metropolis of Dubai from April 15–16.
