Panama-based crypto options exchange Deribit is awaiting regulatory approval in Dubai amid its global expansion.
Deribit, the world’s largest Bitcoin and Ethereum options exchange, has made its plans to move to Dubai more serious as regulators in the city begin to provide more clarity about the scarecrows of crypto regulations there.
Crypto Options Exchange Moves To Dubai
Deribit Chief Legal, Compliance and Regulatory Officer David Dohmen told Bloomberg that the exchange plans to open a Dubai office with a 10-person team comprised of both local recruits and the company’s current employees. The relocation of the company to Dubai can take place as soon as possible by the decision of the Dubai regulators.
Dohmen also stated that the Panama stock market has plans to expand to Brazil, the UK and Singapore.
Dubai has refocused its focus as a forward-thinking hub for crypto companies seeking better treatment from regulators after a tough market streak. In recent months, Dubai has licensed cryptocurrency exchanges such as Binance, Bybit, and Komainu.
With these moves, Dubai is on its way to being the perfect fit for operations that aim to expand its operations.