Nomura’s cryptocurrency division, Laser Digital, has secured a broker license in Abu Dhabi, permitting it to handle both traditional and digital assets.
The Financial Services Regulatory Authority of Abu Dhabi granted Laser Digital a Financial Services Permission (FSP) license, marking the conclusion of its comprehensive licensing process with the Abu Dhabi Global Market (ADGM).
This new license empowers Laser Digital to offer broker-dealer services along with asset and fund management for both digital and traditional assets within the region.
Laser Digital views this licensing approval as a “significant milestone.” CEO Jez Mohideen stated, “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.”
The United Arab Emirates is poised to become a global crypto hub due to its innovation-friendly regulations.
Laser Digital’s operational license arrives nearly nine months after receiving in-principle approval from ADGM in September 2023.
The decision to expand to Abu Dhabi was influenced by the region’s favorable crypto regulations.
Mohideen explained, “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.”
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ADGM’s chief of market development, Arvind Ramamurthy, expressed delight in welcoming innovative crypto firms.
He stated, “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.”
Highlighting the region’s commitment to innovation, the Central Bank of the UAE approved a new stablecoin licensing and monitoring system on June 5.
More crypto service providers and Web3 companies are expanding into Abu Dhabi, solidifying its status as a major cryptocurrency hub.
In May, QCP Capital received in-principle approval for regulated digital asset activities from ADGM, becoming the first Singapore-based crypto market maker and broker to achieve this milestone.
Chainalysis, an on-chain security firm, established its regional headquarters in Dubai on May 8, after engaging with local government stakeholders on regulatory best practices.
In April, Binance obtained a Virtual Asset Service Provider license in Dubai, and in February, ADGM signed an MoU with the Solana Foundation to advance distributed ledger technology development.
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