Deribit crypto exchange plans to move its headquarters to Dubai starting in the third quarter of this year. The Bloomberg report suggests that the new office will be staffed by a 10-person team that will include both domestic employees and core bourse employees.
Management, compliance and support roles will be housed in the Dubai office.
According to Deribit’s legal, compliance and regulatory director, David Dohmen, some employees will continue to work in Panama. He was quoted as saying that the regulatory regime in Dubai is more crypto-friendly than other jurisdictions.
“We have had a number of clients basically hint to us that they would like to trade on a crypto exchange that is actually regulated. In Panama we are not regulated. In addition, we also saw where the regulatory winds were blowing and there was a push towards regulation around the world.”
The executive also said that Deribit is looking to submit an application and supporting documents for a full-market product license to the Dubai Virtual Assets Regulatory Authority once it receives regulatory clarity from the agency. Deribit also has operations in Amsterdam, while its Netherlands-based parent company and related subsidiaries currently have 95 employees worldwide. The news comes after the United Arab Emirates (UAE) introduced a new regulation governing digital assets, a move that established the country’s initial regulatory regime for the cryptocurrency space at the federal level. Dubai has also established its own crypto regulator, the Virtual Assets Regulatory Authority (VARA), which industry insiders believe would act as a major catalyst for both global and regional Web3 companies to enter or expand their operations in the coming months. . The city has become home to multiple cryptocurrency exchanges, including Binance, Crypto.com, OKX, and others.
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This post Deribit Eyes Dubai Amid Global Expansion Plans: Report
was published first on https://cryptopotato.com/deribit-eyes-dubai-amidst-global-expansion-plans-report/
