- August 2, 2023
- Posted by: [email protected]
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Nomura’s crypto subsidiary, Laser Digital, has achieved a significant milestone by securing an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). This move highlights Nomura’s ambitions to make its mark in the digital asset arena. The license, obtained by Laser Digital Middle East FZE, the Dubai-based arm of Nomura’s digital asset venture, enables the company to offer a range of services in the emirate, including broker-dealer, virtual asset management, and investment services.
Moreover, the license paves the way for Laser Digital to launch trading and asset management operations in the coming months, encompassing over-the-counter services and a variety of digital asset investment products and solutions. Jez Mohideen, CEO of Laser Digital, emphasized that VARA’s meticulous and consultative process provides institutional investors with the necessary confidence to engage in the crypto asset class. He expressed enthusiasm for the growth prospects of Laser Digital in the years ahead, now that the license is in place.
Laser Digital, established by Nomura in September 2022, was conceived by Steven Ashley, the former head of Nomura’s wholesale division, and Jez Mohideen, who previously served as the holding’s chief digital officer and co-head of global markets for Europe, Middle East, and Africa. The firm is headquartered in Switzerland with offices in Dubai and London, reflecting its global outlook.
Dubai’s crypto ecosystem has garnered international attention due to the establishment of virtual asset regulations and a dedicated regulatory body in March 2022. The emirate’s virtual asset regulator introduced comprehensive “Full Market Product Regulations” in February, comprising four compulsory rulebooks and activity-specific rulebooks that govern the operations of Virtual Asset Service Providers (VASPs).
Laser Digital’s licensing achievement follows Binance’s progress in strengthening its foothold in the United Arab Emirates. Binance’s Dubai subsidiary, Binance FZE, recently obtained an operational minimum viable product (MVP) from VARA to offer cryptocurrency exchange and virtual asset broker-dealer services locally.
As of now, besides Binance, only digital asset custodians Komainu MEA and Hex Trust MENA FZE hold operational MVP permits in Dubai. Crypto exchange BitOasis previously secured a conditional license but had it suspended by VARA due to non-compliance with mandated conditions.
With the issuance of the VARA license, Laser Digital is well-positioned to capitalize on Dubai’s thriving crypto ecosystem, contributing to Nomura’s broader objectives in the digital asset space. As the crypto market continues to evolve, the regulatory environment in Dubai is expected to provide a supportive framework for innovative ventures like Laser Digital to flourish and attract institutional investors seeking exposure to this dynamic asset class.
