Global law firm Norton Rose Fulbright has advised Deribit on obtaining a Conditional Full Market Product (FMP) license from the Virtual Asset Regulatory Authority (VARA) to operate a virtual asset derivatives exchange in the Emirate of Dubai.

Deribit is a centralised, institutional-grade and specialised crypto derivatives exchange for options and futures. It is the first exchange to receive a FMP license from the VARA to operate a virtual asset derivatives exchange in the Emirate.

The Norton Rose Fulbright team advising on this deal was partner Matthew Shanahan and associate Hasanali Pirbhai.

Partner Matthew Shanahan said:

“We were delighted to be able to assist Deribit with obtaining the Conditional FMP License. This is a landmark moment for Deribit as they work towards launching their Dubai hub. It is also a pivotal moment for the Dubai crypto industry as large industry players begin to receive their licenses. We look forward to continuing to support Deribit, along with our other crypto clients, in setting up in the Middle East.”

Norton Rose Fulbright’s Dubai office offers a full-service practice and has particularly strong experience in financial services regulation, technology, energy, infrastructure, transport, real estate and hospitality. 

The regional financial services and regulation team provides a unique business offering, with two senior ex-regulators on its roster possessing more than two decades of combined experience. The team has an excellent reputation and is ranked for its strength in advising FinTech entities, including crypto exchanges and digital asset service providers, on their establishment and licensing in the UAE.