Deribit, a cryptocurrency exchange, intends to relocate its main office to Dubai as early as the third quarter of this year. According to the Bloomberg story, a crew of 10 workers, including new hires from home and exchange core employees, will work in the new office.
The Dubai office will be home to management, compliance, and support positions.
Some staff will still be situated in Panama, according to David Dohmen, Chief Legal, Compliance, and Regulatory Officer for Deribit.
Dohmen was reported as adding that compared to other jurisdictions, Dubai’s regulatory framework is more suited to the cryptocurrency industry.
A few of our clients have basically hinted to us that they would like to trade on a cryptocurrency exchange that is genuinely regulated. We are not regulated in Panama. We also observed the direction of the regulatory winds, which indicated a global push for regulation.
The executive added that once Deribit receives regulatory clarity from the agency, it intends to submit an application and supporting paperwork for a Full Market Product licence to Dubai’s Virtual Assets Regulatory Authority.
Deribit also has operations in Amsterdam, and its connected companies and parent firm, which is situated in the Netherlands, currently employ 95 people globally.
The announcement follows the United Arab Emirates’ (UAE) introduction of a new law governing digital assets, which established the nation’s first federal regulatory framework for the cryptocurrency industry.
Dubai also formed its own cryptocurrency regulator, the Virtual Asset Regulatory Authority (VARA), which experts predict will play a significant role in spurring the entry or expansion of both international and local Web3 companies in the coming months.
Numerous cryptocurrency exchanges, including Binance, Crypto.com, OKX, and others, have landed in the city.