Nomura crypto arm laser digital wallets Abu Dhabi license
Nomura's cryptocurrency arm Laser Digital has acquired a broker's license for traditional and digital assets in the Abu Dhabi region.
The Financial Services Regulatory Authority of Abu Dhabi has approved the issuance of a Financial Services License (FSP) to the company, marking the completion of the full licensing process with the Abu Dhabi Global Market (ADGM).
The new license will enable Laser to provide a digital broker-dealer as well as asset and fund management services for digital and traditional assets in the region.
Laser Digital CEO Jez Mohidin said the company considers the license approval a “major milestone”. wrote:
We are excited to contribute responsibly to the virtual property industry in the UAE. We are committed to the highest compliance standards and regulations at ADGM, and look forward to contributing to the ADGM ecosystem.
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The United Arab Emirates could be the next global crypto hub due to innovation-friendly regulations
Laser Digital's license to operate comes in September 2023, roughly nine months after receiving a master license from the ADGM.
Laser Digital CEO Mohidin said the firm chose Abu Dhabi for its expansion plans because of the innovation-friendly crypto regulations in the region.
“Laser Digital ADGM's progressive and transparent regulatory approach combined with strong cross-industry dialogue and collaboration with various sector players, including the digital assets sector, made Abu Dhabi its destination of choice.”
A.D.M. Arvind Ramamurthy, head of market development, said the regulator is happy to welcome more innovative crypto firms. wrote:
“We are pleased to welcome Laser Digital as we expand our financial community to include partners like Laser, whose offerings align with ADGM and FSRA's global best practices and progressive regulatory ecosystem.”
Demonstrating the region's innovation-friendly approach, the UAE Central Bank approved a new stablecoin licensing and monitoring system on June 5.
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UAE is attracting more crypto companies.
Increasingly, more crypto service providers and Web3 companies are expanding their presence in the Abu Dhabi region, which is becoming a significant cryptocurrency center.
In early May, crypto options trading platform QCP Capital received in-principle approval from the ADGM for regulated digital assets activities. This makes QCP the first Singapore-based crypto market maker and broker to be licensed in the region.
The leading onchain security firm Chainalysis also established a regional headquarters in Dubai on May 8, after the company has been “actively engaged” with local government stakeholders to advise on best practices for regulatory development in the crypto industry that drives innovation.
In April, the world's largest crypto exchange by volume, Binance, received a long-awaited virtual asset service provider license in Dubai after giving co-founder Changpeng Zhao voting power in the local body of the exchange.
In February, ADGM signed a memorandum of understanding with the Solana Foundation to promote distributed ledger technology.
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