- Laser Digital secured license approval to operate in Dubai.
- The firm will offer OTC digital asset investment and trading products in the region.
- Dubai’s crypto landscape continues to thrive and attract more companies.
Laser Digital Middle East FZE, a subsidiary of Nomura Holdings Inc., has secured a Virtual Asset Service Provider (VASP) license, allowing the firm to offer asset management and virtual asset broker-dealer services in Dubai.
Dubai recently tightened its regulatory requirements for crypto firms with stringent rules that outline cybersecurity, compliance, and risk management standards.
Laser Digital’s Presence in Dubai
Nomura founded Laser Digital last year as a subsidiary for secondary trading, venture capital, and investor products. Following the completion of a robust four-stage regulatory assessment process and subsequent license approval, Laser Digital will be permitted to provide over-the-counter (OTC) digital asset investment and trading products to Dubai-based institutional investors in the near future.
"VARA's thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class. With the license now in place, we are looking forward to Laser's growth over the coming years," said CEO Jez Mohideen in a press statement.
Dubai Taking the Lead As a Crypto Hub in the Middle East
As the most populous jurisdiction in the United Arab Emirates (UAE), Dubai is gradually nurturing its ambition of becoming a giant fintech hub in the region. Binance’s local unit recently received its MVP operational permit, a step short of a full license to start operations in the region. Other crypto-centric firms to have entered the market include ATFX and CMC Markets.
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