Nomura’s cryptocurrency arm, Laser Digital, has obtained a broker license for both traditional and digital assets in the Abu Dhabi region. With the new license, the firm is now authorized to provide broker-dealer services. According to Nomura’s official press release, it can also provide asset and fund management services for both digital and traditional assets in Abu Dhabi.
The accomplishment comes after the Financial Services Regulatory Authority of Abu Dhabi granted the company a Financial Services Permission (FSP) license, marking the completion of its full licensing process with the Abu Dhabi Global Market (ADGM).
“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,” said Jez Mohideen, the CEO of Laser Digital.
Laser Digital’s operating license comes approximately nine months after receiving in-principal approval from ADGM in September 2023. The company chose Abu Dhabi as its expansion destination due to the region’s innovation-friendly crypto regulations.
Abu Dhabi Continues To Attract Crypto Firms
The Abu Dhabi region has been actively attracting more crypto service providers and Web3 companies, establishing itself as a notable cryptocurrency hub.
UAE dominating in crypto with 72% into #Bitcoin! No surprise, smart moves from a smart nation. 🇦🇪💰 pic.twitter.com/Nr9mmlYMqQ
— fity.eth (@Fityeth) April 22, 2024
In May, crypto options trading platform QCP Capital received in-principle approval for regulated digital asset activities from ADGM, becoming the first Singapore-based crypto market maker and broker to receive a preliminary license in the region.
Additionally, leading onchain security firm Chainalysis recently established regional headquarters in Dubai, engaging with local government stakeholders to provide advice on regulatory development in the crypto industry.
The growing interest in the Abu Dhabi region is further demonstrated by Binance, the world’s largest crypto exchange by volume, obtaining a Virtual Asset Service Provider license in Dubai.
Moreover, ADGM signed a memorandum of understanding with the Solana Foundation in February to advance the development of distributed ledger technology, showcasing the region’s commitment to fostering innovation in the crypto space.
“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,” ADGM’s chief of market development, Arvind Ramamurthy said.
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Swiss Crypto Asset Manager DAS Expands To UAE
Last month, Swiss crypto asset manager, Digital Asset Solutions (DAS), announced its expansion into the United Arab Emirates (UAE) with the appointment of Csaba Dekany, a Swiss financial professional, as a strategic partner.
Furthermore, the UAE plans to use crypto for trade in the future and also set up a working regulatory framework, according to the country’s minister of state for foreign trade.
Last year, Thani Al-Zeyoudi said the country is considering a trade in currencies other than the US dollar.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
