Key takeaways:
- Laser Digital, Nomura’s cryptocurrency division, has applied for an operating license with Dubai’s Virtual Asset Regulatory Authority.
- The approval also enables the company to carry out asset management and trading activities in the months ahead.
In an effort to make a name for itself in the world of virtual assets, Nomura’s cryptocurrency division has applied for an operating license with Dubai’s Virtual Asset Regulatory Authority (VARA).
Nomura’s digital asset subsidiary in Dubai, Laser Digital Middle East FZE, declared on August 1 that it would be able to provide broker-dealer, virtual asset management, and investment services in the emirate with the use of the new virtual asset service provider (VASP) license.
According to the release, the approval also enables the company to carry out asset management and trading activities in the months ahead, including over-the-counter services and various digital asset investment products and solutions. CEO of Laser Digital, Jez Mohideen, stated:
“VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class,”
Steven Ashley, the former chairman of Nomura’s wholesale division, and Mohideen, the former chief digital officer and co-head of global markets for Europe, the Middle East, and Africa, were the driving forces behind establishing Laser Digital in September 2022. In addition to its Swiss headquarters, it also maintains offices in Dubai and London.
After establishing its own virtual assets legislation and regulatory agency in March 2022, Dubai’s expanding crypto economy has garnered attention on a global scale.
The “Full Market Product Regulations,” which include four mandatory rulebooks and activity-specific rulebooks that specify the regulations for VASPS, were released by the emirate’s virtual asset regulator in February.
The Middle East is gradually becoming more accepting of cryptocurrencies and blockchain technology, as seen by the licensing of Nomura’s subsidiary. In light of international regulatory concerns, Dubai’s business-friendly regulations and oversight are laying the groundwork for the future course of the cryptocurrency industry.
Following Binance’s achievement of yet another milestone in solidifying its presence in the United Arab Emirates, Laser Digital has received a new license.
To conduct cryptocurrency exchange and virtual asset broker-dealer services locally, Binance’s Dubai-based subsidiary, Binance FZE, received an operational minimum viable product (MVP) from VARA on July 31.
The only other owners of active MVP licenses are digital asset custodians Komainu MEA, Hex Trust MENA FZE, and Binance. BitOasis, a cryptocurrency exchange that obtained the same conditional license, had its permit suspended by VARA because it failed to adhere to the requirements.
