Deribit looks at Dubai in the middle of global expansion plans: report

Deribit looks at Dubai in the middle of global expansion plans: report

The crypto tour Deribit plans to move its headquarters to Dubai in the third quarter of this year. The Bloomberg report suggests that the new office will be filled with a team of 10 people, which, in addition to the core employees of the stock exchange, includes both domestic employees.

Functions in the areas of management, compliance and support are accommodated in the office in Dubai.

• according to David Dohmen, Chief Legal, Compliance, and Regulatory Officer from Deribit, some employees will continue to be located in Panama.
• Dohmen was cited that the regulatory system in Dubai is more tailored to crypto than in other jurisdiction.

"" We had a number of customers who basically indicated that they would like to act on a crypto exchange actually regulated. We are not regulated in Panama. We also saw where the regulatory wind is blowing, and there was an urge for regulation worldwide. "

• The managing director also said that Deribit is aiming for an application and evidence of a complete market product license from the supervisory authority for virtual assets in Dubai as soon as it receives regulatory clarity from the authority.
• Deribit also has branches in Amsterdam, while the parent company based in the Netherlands and connected subsidiaries currently employ 95 people worldwide.
• The message comes after the United Arab Emirates (VAE) has introduced a new regulation that regulates digital assets, a step that has established the country's initial regulatory system for the cryptocurrency area at federal level.
• Dubai also founded its own crypto supervisory authority-the Virtual Asset Regulatory Authority (Vara)-which, according to industry insiders, would serve as an important catalyst for global and regional web3 companies in order to enter or expand them in the next few months.
• The city has become home to several crypto exchanges, including Binance, Crypto.com, Okx and others.

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