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