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Deribit becomes the first DEX to get VARA regulatory approval

2024.04.02 22:35

The world’s largest cryptocurrency derivative options platform, Deribit FZE, a Dubai-based company of the Deribit Group, said today that it has been granted a conditional Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Asset Regulatory Authority (VARA) for VA Exchange Services. The license, which applies to both spot and derivatives trading, is operational once Deribit satisfies all outstanding requirements and certain localization specifications set forth by VARA.

This milestone underscores Deribit’s commitment to regulatory compliance and sets a precedent for increased legitimacy and oversight within the crypto derivatives space.

VARA, established to regulate virtual asset service providers (VASPs) and ensure consumer protection and market integrity, has granted Deribit approval to operate as a derivatives exchange. This accreditation signifies that Deribit has met stringent regulatory standards, including compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations, as well as robust risk management practices.

As the first derivatives exchange to receive VARA approval, Deribit sets a benchmark for regulatory compliance and transparency in the crypto derivatives industry. VARA’s endorsement enhances Deribit’s credibility and reputation and instills confidence among investors and traders seeking a secure and regulated trading environment.

Luuk Strijers has been named the Chief Executive Officer of Deribit, also moving the company’s worldwide headquarters to Dubai. With nearly 20 years of experience in the field (such as at a previous SGX), Strijers brings a strong foundation in client engagement and product development to his new position. Two non-executive directors have also been appointed. The company will collaborate closely with VARA to finish the remaining formal procedures so that it can formally open the exchange in Dubai.

When Deribit is up and running, it will help qualified and institutional investors by letting them use the cutting-edge technologies of the platform. Until further notice, the company will continue to service its retail clientele from its broker affiliate in Panama, a part of Deribit FZE in Dubai.

Deribit will shortly disclose the launch schedule, conditions, and the date of going live under the new license.

The VARA approval marks a significant milestone in Deribit’s journey to establish itself as a leading player in the cryptocurrency derivatives market. With regulatory recognition from VARA, Deribit is well-positioned to attract institutional investors and expand its market reach, further solidifying its status as a trusted and reputable trading platform.

In addition to enhancing Deribit exchange‘s position in the crypto business, the VARA approval represents a broader shift toward regulatory clarity and control in the digital asset area. As regulators around the world work to set clear criteria for crypto-related activity, exchanges like Deribit are leading the way in showing compliance and building trust in the emerging derivatives industry.

Looking ahead, Deribit’s VARA license offers a good example for other derivatives exchanges and virtual asset service providers looking for regulatory recognition. By conforming to regulatory norms and prioritizing consumer safety, these platforms can help Bitcoin derivatives trading mature and become more widely adopted.

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