Nomura's cryptocurrency subsidiary has been granted an operational license by Dubai's Virtual Assets Regulatory Authority (VARA), signaling the Japanese financial holding company's foray into the digital asset sector. The Dubai-based digital asset subsidiary, La ser Digital Middle East FZE, announced the acquisition of a Virtual Asset Service Provider (VASP) license on August 1. This license enables the firm to offer broker-dealer services, virtual asset management, and investment services within Dubai.
In addition to these services, the license empowers Laser Digital to launch trading and asset management operations in the coming months, including over-the-counter (OTC) trading and a variety of digital asset investment products. The CEO of Laser Digital, Jez Mohideen , emphasized the significance of VARA's comprehensive advisory process in stilling confidence among institutional investors for participation in digital asset activities. He expressed optimism about Laser Digital's growth prospects in the years ahead.
Laser Digital was established in September 2022 as a collaboration between Nomura and Steven Ashley, the former head of Nomura's wholesale division and former chief digital officer and EMEA at the holding company. The company is headquartered in Switzerland, with offices in Dubai and London. Dubai's crypto ecosystem has garnered global attention and, in March 2022, introduced its own set of virtual asset regulations and regulatory authorities. In February, Dubai's virtual asset regulator published "Marketwide Product Regulations," comprising four mandatory rulebooks and an activity-specific rulebook outlining VASP rules.
Laser Digital's newly acquired license aligns with the trend of prominent entities consolidating their presence in the United Arab Emirates. Binance FZE, a subsidiary of Binance Dubai, also received a Minimum Viable Product (MVP) operational license from VARA on July 31 to conduct cryptocurrency exchange and virtual asset broker-dealer services locally. Additionally, Komainu MEA and Hex Trust MENA FZE, digital asset custodians, hold MVP licenses, while BitOasis, another cryptocurrency exchange, had its license suspended by VARA due to non-compliance with stipulated conditions.
