Nomura’s digital currency division, Laser Digital, has secured a brokerage license in the Abu Dhabi region covering both traditional and digital assets.
The Financial Services Regulatory Authority of Abu Dhabi has granted a Financial Services Permission (FSP) license to the company, completing its comprehensive licensing process with the Abu Dhabi Global Market (ADGM).
This new license empowers Laser Digital to offer broker-dealer services, as well as asset and fund management services, for both digital and traditional assets within the region.
According to Jez Mohideen, CEO of Laser Digital, the approval of this license represents a significant milestone for the company. Mohideen commented:
“The approval of our licensing is a significant milestone for Laser Digital.”
Laser Digital received initial approval from ADGM in September 2023, with the operating license now being issued almost nine months later. The decision to expand operations into Abu Dhabi was driven by the region’s crypto-friendly regulatory environment, Mohideen noted.
Arvind Ramamurthy, ADGM’s chief of market development, expressed enthusiasm for welcoming more crypto firms focused on innovation:
“We are delighted to welcome more innovation-oriented crypto firms.”
Highlighting the region’s innovation-friendly stance, the Central Bank of the UAE introduced a new system for licensing and monitoring stablecoins on June 5.
The Abu Dhabi region is increasingly becoming a focal point for cryptocurrency activity, with more crypto service providers and Web3 companies establishing a presence. Recently, QCP Capital, a platform for crypto options trading, received initial approval for regulated digital asset activities from ADGM, becoming the first Singapore-based crypto market maker and broker to do so in the region.
Chainalysis, a leading firm specializing in onchain security, also established its regional headquarters in Dubai on May 8. The firm has been actively engaged with local government stakeholders to provide guidance on regulatory practices that foster innovation in the crypto industry.
In April, Binance, the world’s largest crypto exchange by volume, finally obtained a Virtual Asset Service Provider license in Dubai after the exchange’s co-founder, Changpeng Zhao, relinquished his voting power in the local entity.
Earlier in the year, ADGM signed a memorandum of understanding with the Solana Foundation to advance the development of distributed ledger technology.
These developments underscore the UAE’s emergence as a significant global hub for cryptocurrencies, bolstered by its supportive regulatory framework.