Deribit, the leading BTC and ETH options exchange by trading volume, announced its intention to move its headquarters to Dubai in the third quarter.
The reason for the move is the transparent regulatory policy in the UAE. The Deribit exchange has been based in Panama since 2020. It will open an office in Dubai for 10 staff, some of the staff will move from Panama and some will be hired locally. Deribit's parent company is based in the Netherlands, with 95 employees scattered around the world.
"Our customers have expressed a desire to trade on a properly regulated platform, which we cannot provide at present," said David Domain, head of compliance and regulation at Deribit.
Dubai is showing exemplary efforts to attract cryptocurrency companies under its wing by passing some of the most cryptocurrency-friendly regulations. The authorities recognise digital assets and blockchain as a basis for diversifying economic development along with growth. According to Domain, "laws have become more flexible and governing authorities welcome cryptocurrency products".
Deribit plans to obtain a formal licence from the Dubai-based virtual asset regulator in the near future, as well as hire a major auditor.
It should be noted that there was a Deribit hacking incident last November, which resulted in the loss of $28 million in assets.
