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Deribit, the world’s largest exchange for bitcoin and ether options trading, is making plans to move to Dubai in the third quarter as the emirate is considered a cryptocurrency-friendly area.
In an interview, David Domin, the exchange’s head of legal compliance and regulatory officer, said that a number of clients have told them they want to trade on a regulated cryptocurrency exchange, as its Panama branch is not regulated, and he sees the world moving towards regulation of these currencies. .
The stock exchange was established in Panama in 2020 and is now preparing to open a headquarters in Dubai with 10 employees, including essential employees and others who are hired locally, while some will remain in Panama.
Currently the Dutch company (parent company) and related subsidiaries employ 95 people worldwide; This is almost double the number last year.
Deribit saw outflows of 10% to 15% after the collapse of rival cryptocurrency exchange FTX in November shook confidence in the sector, leading to outflows from all companies in the sector.
Domaine said that the exchange in the Emirate of Dubai has sensed a more favorable regulatory environment for cryptocurrencies compared to other regions in the world, describing it as a more flexible system and saying that the regulatory authorities in the emirate welcome cryptocurrencies as a product.
The exchange plans to submit the application and supporting documents to the Dubai Virtual Assets Regulatory Authority to obtain a license.
