Deribit, the leader in crypto derivatives Safe Obtains conditional crypto asset service provider license from Dubai regulator, solidifying global presence within Dubai’s thriving crypto ecosystem. Dubai’s cryptocurrency hub presents an opportunity that Deribit aims to exploit through this licensing move.
The conditional license, obtained on April 2, 2024, covers spot trading and derivatives trading. However, the company will remain inactive until Deribit meets certain prerequisites mandated by his VARA. This includes completing the localization process and complying with ongoing regulatory oversight. However, Deribit’s management sees this as a necessary step for long-term growth.
“Securing a conditional VASP license from VARA is more than just a regulatory milestone. It demonstrates our unwavering commitment to providing our users with a secure, transparent and innovative platform.” said John Jansen, co-founder of Deribit.
This sentiment is reflected in the appointment of Luuk Strjers as the new CEO. Strjers is a seasoned professional with nearly 20 years of experience in the financial industry and has extensive knowledge of product development and customer engagement strategies.
He highlights the vast prospects offered by VARA’s progressive regulatory framework. Mr. Strjers embodies his forward-thinking approach as he aims to leverage Deribit’s established customer trust while driving further innovation within the evolving crypto market.
Deribit strengthens its leadership group with the addition of former Flow Traders CEO Dennis Dijkstra and industry veteran Willem Meijer as non-executive directors (NEDs). Their extensive expertise will facilitate Deribit’s strategic navigation towards sustained growth and solidify its leading position in the market.
Dubai Crypto Hub Will Influence Deribit’s Strategic Moves
Dubai is emerging as a global cryptocurrency hub and is pivotal to Deribit’s strategic relocation decision. Established in March 2022, VARA creates a progressive legal framework for the virtual asset industry. This framework protects investors, establishes global governance standards, and supports the vision of a borderless digital economy.
By securing operations in Dubai, the company is positioned to take advantage of this rapidly expanding market. The city’s rise as a crypto hub has had a major impact on Deribit’s strategic moves. Launched in March 2022, VARA plays a central role in developing a progressive legal framework for virtual assets.
The framework aims to protect investors, establish international governance standards and support the vision of a borderless digital economy. By starting operations in Dubai, Deribit is strategically positioned to benefit from this rapidly growing market.
Deribit is awaiting full operational authorization under the VASP license and is working with VARA to finalize the remaining essentials. Details regarding the launch strategy, terms and exact timeline for the Dubai announcement will be shared soon.
This conditional grant represents a significant achievement for Deribit. The company is poised to consolidate its dominance in the crypto derivatives market, driven by a seasoned leadership team, robust security measures and strategic relocation to Dubai.
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