Nomura crypto arm Laser Digital bags Abu Dhabi license

Zoltan Vardai14 hours agoNomura crypto arm Laser Digital bags Abu Dhabi licenseThe firm chose to expand into Abu Dhabi due to the innovation-friendly crypto regulations.1661 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksNomura’s cryptocurrency arm, Laser Digital, has received a broker license in the Abu Dhabi region for both traditional and digital assets.

The Financial Services Regulatory Authority of Abu Dhabi has approved the issuance of a Financial Services Permission (FSP) license for the company, marking the end of its full licensing process with the Abu Dhabi Global Market (ADGM).

The new license will allow Laser Digital to provide broker-dealer as well as asset and fund management services for both digital and traditional assets in the region.

The company considers the licensing approval a “significant milestone,” according to Jez Mohideen, the CEO of Laser Digital. He wrote:“We are eager to contribute responsibly to the virtual asset industry in the UAE. We have always been committed to upholding the highest standards of compliance and regulations at ADGM, and we look forward to contributing to ADGM’s ecosystem.”

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Laser Digital’s operating license comes nearly nine months after it received in-principal approval from ADGM in September 2023.

The firm chose Abu Dhabi for its expansion plans due to the innovation-friendly crypto regulations in the region, according to Laser Digital’s CEO, Mohideen, who wrote:“Laser Digital chose Abu Dhabi as its destination of choice due to ADGM’s progressive and transparent approach to regulation, based on strong cross-industry dialogue and collaboration with different sector players including the digital asset sector.”

ADGM’s chief of market development, Arvind Ramamurthy, said that the regulator is delighted to welcome more innovation-oriented crypto firms. He wrote:“We’re delighted to welcome Laser Digital as we expand our financial community to include partners such as Laser, whose offerings align with ADGM and the FSRA’s international best practices and progressive regulatory ecosystem.”

Showcasing the region’s innovation-friendly approach, the Central Bank of the UAE approved the issuance of a new stablecoin licensing and monitoring system on June 5.

Related:Bitcoin and Ether can ‘greatly improve’ portfolio performance: BBVAUAE is attracting more crypto firms

Increasingly, more crypto service providers and Web3 companies have been expanding their presence into the Abu Dhabi region, which is becoming a significant cryptocurrency hub.

At the beginning of May, crypto options trading platform QCP Capital received in-principle approval for regulated digital asset activities from the ADGM. This made QCP the first Singapore-based crypto market maker and broker to receive a preliminary license in the region.Asking Dubai Crypto Tycoons How They Got Rich. Source: Cointelegraph

Leading onchain security firm Chainalysis also set up regional headquarters in Dubai on May 8, after the firm has been “actively engaging” with local government stakeholders to offer advice on best practices for regulatory development in the crypto industry that drive innovation.

In April, the world’s largest crypto exchange by volume, Binance, received a long-awaited Virtual Asset Service Provider license in Dubai after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity.

In February, ADGM signed a memorandum of understanding with the Solana Foundation to advance the development of distributed ledger technology.

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