Nomura’s cryptocurrency arm, Laser Digital, has secured a broker license in Abu Dhabi, covering both traditional and digital assets.
The Financial Services Regulatory Authority of Abu Dhabi has granted Laser Digital a Financial Services Permission (FSP) license, completing the firm’s full licensing process with the Abu Dhabi Global Market (ADGM).
This license enables Laser Digital to offer broker-dealer services and asset and fund management for both digital and traditional assets in the region.
Jez Mohideen, CEO of Laser Digital, celebrated the licensing approval as a “significant milestone.” He 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 emerge as the next global hub for cryptocurrencies, driven by its innovation-friendly regulatory environment.
Laser Digital’s operational license was granted nearly nine months after receiving initial approval from ADGM in September 2023.
The firm selected Abu Dhabi for its expansion due to the region’s progressive crypto regulations, according to Laser Digital’s CEO, Mohideen, who stated:
“Laser Digital chose Abu Dhabi due to ADGM’s transparent regulatory framework, which fosters innovation through extensive industry dialogue and collaboration across sectors, including digital assets.”
ADGM’s Chief of Market Development, Arvind Ramamurthy, expressed enthusiasm about welcoming innovative crypto firms, saying:
“We are excited to welcome Laser Digital and expand our financial community with partners like them, whose offerings align with ADGM and FSRA’s commitment to international best practices and a forward-thinking regulatory environment.”
Highlighting the region’s innovation-driven approach, the Central Bank of the UAE recently approved a new stablecoin licensing and monitoring system on June 5.
UAE Draws Crypto Firms with Progressive Regulations
Increasingly, more crypto service providers and Web3 companies are expanding their footprint into Abu Dhabi, establishing it as a burgeoning cryptocurrency hub.
In early May, the crypto options trading platform QCP Capital secured in-principle approval for regulated digital asset activities from ADGM. This milestone marked QCP as the first Singapore-based crypto market maker and broker to receive such a preliminary license in the region.
Chainalysis, a leading on-chain security firm, established its regional headquarters in Dubai on May 8. The firm has been actively engaging with local government stakeholders to provide guidance on regulatory development in the crypto industry, aimed at fostering innovation.
In April, Binance, the world’s largest crypto exchange by volume, finally received a Virtual Asset Service Provider license in Dubai. This approval came after Binance co-founder Changpeng Zhao relinquished his voting power in the exchange’s local entity.
Earlier in February, ADGM signed a memorandum of understanding with the Solana Foundation. This partnership aims to accelerate the development of distributed ledger technology within the region.
