Deribit, the world’s leading crypto options exchange, said on Tuesday that its Dubai-based unit, Deribit FZE, has won a conditional virtual asset provider (VASP) license from the local regulator.

The license allowing FZE to operate as a virtual asset exchange for spot and derivatives trading remains nonoperational until Deribit satisfies all remaining conditions and local requirements of Dubai’s Virtual Asset Regulatory Authority (VARA), Deribit said in the press release.

The license, once operational, will allow Deribit to serve institutional and qualified investors while continuing to serve retail investors through its Panama-based broker affiliate.

The exchange also said it is looking to shift its global headquarters to Dubai from Panama and announced Luuk Strijers, who served as chief commercial officer since 2019, as the new chief executive officer.

“Obtaining the full VARA spot and derivatives license is an important next step in our efforts to raise the overall quality & governance standards of our platform after obtaining ISO and SOC2 certification and appointing non-executive directors. Our strong position in the crypto options market reflects the trust our clients have in us," Strijers told CoinDesk.

Deribit accounts for over 85% of the global crypto derivative activity. The platform offers bitcoin (BTC), ether (ETH) and solana (SOL) options, bitcoin and ether perpetual futures, as well futures tied to its bitcoin volatility index, DVOL.

A year ago, Dubai’s VARA unveiled a regulatory framework for crypto that included a set of rules and required companies to secure licenses to operate in the country legally.

The VASP license is mandatory and a prerequisite for conducting virtual asset business in Dubai. According to White & Case, the license, once obtained, is valid for one year and must be renewed annually. The exchange said it will soon announce plans, terms, and the exact time to start operating under the new licensed entity.