Key Points
- Nomura’s digital asset subsidiary, Laser Digital, has obtained a broker-dealer license in Abu Dhabi.
- The license allows Laser Digital to handle both traditional and digital assets.
Laser Digital Limited, a digital asset subsidiary of the Japanese financial titan Nomura, has successfully secured a broker-dealer license in Abu Dhabi.
This license was granted by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).
The Financial Services Permission (FSP) license allows Laser Digital to manage both traditional and digital assets.
This license signifies the conclusion of Laser Digital’s licensing process with the ADGM.
Laser Digital’s Plans in UAE
Jez Mohideen, the CEO of Laser Digital’s UAE entity, has expressed the firm’s readiness to enter the crypto sector in the United Arab Emirates.
In Mohideen’s words, the company is “eager to contribute responsibly to the virtual asset industry in the UAE” and is committed to upholding the highest standards of compliance and regulations at ADGM.
Laser Digital received an in-principal approval (IPA) from the ADGM in September.
According to an official press release from Nomura, Laser Digital chose Abu Dhabi because of the progressive and transparent way the ADGM handles regulation.
The press release mentioned that the ADGM encourages “cross-industry dialogue and collaboration” with various industry players, including those in the crypto sector.
Laser Digital was launched by Nomura in 2022 and was co-founded by Mohideen, who was Nomura’s Chief Digital Officer and Co-Head of Global Markets EMEA, and Steve Ashley, the former head of Nomura’s wholesale division.
Laser Digital Holdings AG was incorporated by Nomura in Switzerland.
In October, Laser Digital expanded into Japan with a new office in Tokyo.
In August, the company received a full operating license from the Dubai Virtual Asset Regulatory Authority (VARA).
The UAE’s Stance on Crypto
The UAE is widely seen as a welcoming destination for the cryptocurrency industry.
Supportive regulations have simplified the licensing process for companies interested in the sector, attracting many to the region.
Blockchain infrastructure solutions company Blockdaemon received a license from the ADGM to begin operations in Abu Dhabi last month.
The company plans to make its Web3 infrastructure solutions available in the UAE to support other service providers in the region.
In April, sports and entertainment-focused blockchain provider Chiliz announced a partnership with the UAE Pro League to enhance fan experiences and increase the league’s popularity via blockchain.
Last November, Paxos received approval from the FSRA to offer fiat-backed USD stablecoins in the UAE.
Paxos’ line of stablecoins includes Pax Dollar (USDP), Pax Gold (PAXG), and PayPal USD (PYUSD).
In the same month, the ADGM also granted retail and social trading giant eToro a license to operate as a securities, derivatives, and crypto broker in the UAE.
Kadan Stadelmann, Chief Technology Officer at crypto and blockchain platform Komodo, believes that the UAE’s support of the crypto sector makes the country more suitable for the industry than the United States.
Stadelmann credits the UAE’s political stability as a driving factor, explaining that the country’s monarchy enables political stability because policy change bottlenecks typical of a democracy are absent.
