Nomura’s cryptocurrency arm, Laser Digital, has obtained a second crypto broker license in the United Arab Emirates (UAE).
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi’s ADGM (Abu Dhabi Global Market) awarded Laser Digital an FSP license, authorizing the company to offer broker-dealer and asset/fund management services for both virtual and traditional assets within ADGM.
Enhanced services under new license
This new license enables Laser Digital to extend its range of financial services in Abu Dhabi. The company, led in the UAE by Jez Mohideen with Ramin Shayesteh overseeing distribution, can now legally manage assets and provide broker-dealer services. This development came after the company received initial approval from ADGM last September.
The leadership expressed their commitment to upholding ADGM’s high compliance and regulatory standards and contributing positively to its financial ecosystem. Before this new license, Laser Digital was already making inroads in the UAE’s virtual asset market with a full crypto license granted by Dubai’s Virtual Asset Regulatory Authority (VARA).
This license allows the company to manage investments and offer retail and institutional clients broker-dealer services. Furthermore, Laser Digital has announced plans to introduce over-the-counter trading and new digital asset investment products aimed at institutional clients shortly.
Strategic investments and market development
In addition to expanding its licensing framework, Laser Digital is actively participating in the broader blockchain and digital assets industry. The company invested in MANTRA Chain, a Layer 1 blockchain solution designed for tokenizing real-world assets, in May.
Earlier in March, MANTRA Chain secured $11 million in funding, positioning it near the final stages of its licensing process with VARA. Laser Digital also launched the Laser Digital Polygon Adoption Fund, which focuses on harnessing staking yields from the Polygon blockchain’s MATIC token, further underscoring the UAE’s role as a burgeoning hub for regulated cryptocurrency operations.
Commitments to compliance and market innovation
Jez Mohideen, CEO of Laser Digital, expressed enthusiasm about the new license, emphasizing the company’s dedication to maintaining the highest regulation and compliance standards. Arvind Ramamurthy, Chief of Market Development at ADGM, welcomed Laser Digital, highlighting its alignment with ADGM and the FSRA’s financial practices and regulatory framework standards.
The granting of this new license not only enhances Laser Digital’s service offerings and reinforces the UAE’s position as a leading regulated market for cryptocurrency exchanges and blockchain enterprises. With established players like Binance and OKX registered in the region, the UAE attracts significant global and regional investments in the crypto and blockchain sectors.
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