Key Insights
- Laser Digital Middle East FZE, Nomura’s crypto subsidiary, obtains operating license approval from VARA in Dubai.
- Laser Digital to provide crypto broker-dealer and asset management services, catering to institutional investors.
- Expansion plans include over-the-counter crypto trading services and investment products in the coming months.
Laser Digital Middle East FZE, the crypto subsidiary of Nomura based in Dubai, has recently been granted an operating license approval by the city’s Virtual Asset Regulatory Authority (VARA).
This full license enables Laser Digital to offer crypto broker-dealer and asset management services from its Dubai entity, paving the way for the launch of over-the-counter crypto trading services and investment products geared towards institutional investors in the coming months.
Jez Mohideen, CEO of Laser Digital, expressed gratitude to VARA for the approved Operating Licence, highlighting how VARA’s thorough and consultative process instills confidence in institutional investors engaging with this asset class. With the license now in place, Laser Digital is poised for significant growth in the years ahead.
Nomura established Laser Digital in September of last year amid the tumultuous crypto market. Headquartered in Switzerland with offices in Dubai and London, the firm also takes an active role in investing in crypto startups through its dedicated venture capital team, backing over ten such startups so far.
Read also! How to Buy Bitcoin in Dubai
Dubai’s Regulatory Landscape and Industry Optimism
Dubai’s regulatory stance towards crypto licenses has tightened in the aftermath of industry collapses, including that of FTX. The city’s regulator has been scrutinizing license applicants, including Binance, requesting further information to ensure the safety and stability of the crypto industry.
Just yesterday, Binance announced its receipt of the operational minimum viable product (MVP) license from VARA, bringing it a step closer to a full license.
Despite the challenges faced by the crypto industry in recent times, traditional financial institutions such as Nomura remain optimistic about the sector’s potential.
French bank Societe Generale secured France’s first crypto license recently, and BlackRock, the asset management giant, applied for a bitcoin exchange-traded fund with the United States Securities and Exchange Commission in June.
The enthusiasm for crypto continues to grow, with key players pushing the boundaries of what’s possible in this dynamic market.
Is Dubai’s crypto licensing boom paving the way for institutional adoption? Share your thoughts in the comments.