Deribit next destination: Dubai

Deribit, a crypto options exchange, is considering an expansion to Dubai as regulators there begin to offer more clarification on crypto regulatory guardrails. It is a market-leading crypto derivatives exchange where users may trade a variety of derivatives on Bitcoin, Ethereum, Solana, and other currencies.

Deribit Chief Legal, Compliance, and Regulatory Officer David Dohmen told Bloomberg that the exchange wants to create a Dubai office with a team of 10 individuals made up of both local hires and the company’s current skills. The relocation might happen as soon as this summer.

Dohmen also mentioned that the Panamanian exchange also plans to expand into Brazil, the United Kingdom, and Singapore.

Dubai has positioned itself as a forward-thinking destination for crypto firms seeking leniency from regulators during the market collapse. In recent months, the emirate has awarded licenses to cryptocurrency exchanges like as Binance, Bybit, and Komainu.

As it deals with a housing market recession that has hampered its legendary real estate industry, the construction-centric city has been attempting to recruit more crypto firms. The emirate introduced a metaverse strategy this summer that intends to lure more than 1,000 blockchain and metaverse enterprises to the city, as well as 40,000 virtual employment, by 2030.

The demise of prominent crypto exchanges such as FTX has prompted UAE policymakers to reconsider Dubai’s aim to become the Middle East’s top crypto center. In an effort to limit their power, the Gulf state imposed stricter limits on enterprises that set up shop in the UAE earlier this year.

Twitter: @DeribitExchange