tl;dr
Deribit Secures Conditional VASP License in Dubai Deribit, the world's leading crypto options exchange, has achieved a significant milestone as its Dubai-based unit, Deribit FZE, is granted a conditional virtual asset provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA). T...
Deribit Secures Conditional VASP License in Dubai
Deribit, the world's leading crypto options exchange, has achieved a significant milestone as its Dubai-based unit, Deribit FZE, is granted a conditional virtual asset provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA). This pivotal license, once operational, will empower Deribit to facilitate virtual asset exchange for spot and derivatives trading, serving institutional, qualified, and retail investors.
The exchange has also revealed its strategic move to relocate its global headquarters from Panama to Dubai, in conjunction with appointing a new chief executive officer. This shift underscores Deribit's firm dedication to upholding high-quality governance standards and meeting evolving regulatory requirements, aligning seamlessly with the dynamic crypto regulatory landscape in Dubai.
Deribit's chief commercial officer, Luuk Strijers, expressed the significance of obtaining the full VARA spot and derivatives license, affirming its integral role in elevating the overall quality and governance standards of the platform. Furthermore, Strijers emphasized that obtaining ISO and SOC2 certification, as well as appointing non-executive directors, fortify Deribit's position in the crypto options market, reflecting the trust bestowed upon them by their clients.
In addition to achieving the VASP license, Deribit is set to unveil plans, terms, and the timeline for commencing operations under the newly licensed entity, as it charts a pioneering path within the burgeoning crypto regulatory framework in Dubai.
Deribit accounts for over 85% of global crypto derivative activity, offering a wide spectrum of options, perpetual futures, and futures tied to its bitcoin volatility index, DVOL. The platform's versatile offerings encompass bitcoin (BTC), ether (ETH), and solana (SOL) options, signaling its pivotal role in shaping the crypto market's derivatives landscape.
A year ago, Dubai's VARA unveiled a comprehensive regulatory framework for crypto, mandating companies to secure licenses in order to operate in the country legally. The VASP license holds paramount significance as a mandatory prerequisite for conducting virtual asset business in Dubai, emphasizing the regulatory adherence that underpins the crypto ecosystem in the region.
Deribit's successful acquisition of the conditional VASP license signifies a significant leap forward, positioning the exchange at the vanguard of the evolving crypto regulatory landscape, while reinforcing its commitment to excellence and regulatory compliance in the dynamic realm of digital assets.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.