Last Updated: August 2, 2023
• Nomura’s Laser Digital has received license approval to operate in Dubai.
• The firm will offer OTC digital asset investment and trading products in the region.
• Dubai is gradually nurturing its ambition of becoming a giant fintech hub in the Middle East.
Laser Digital Receives License Approval in Dubai
Nomura Holdings Inc.’s subsidiary Laser Digital Middle East FZE has secured a Virtual Asset Service Provider (VASP) license, allowing the firm to offer asset management and virtual asset broker-dealer services in Dubai. This license enables them to provide over-the-counter (OTC) digital asset investment and trading products to institutional investors in the region.
Tightened Regulatory Requirements
Dubai recently tightened its regulatory requirements for crypto firms with stringent rules that outline cybersecurity, compliance, and risk management standards. These regulations must be met before any company can receive its VASP license.
Nomura’s Presence in Dubai
Nomura founded Laser Digital last year as a subsidiary for secondary trading, venture capital, and investor products. After completing their four-stage regulatory assessment process with success, they were granted their VASP license by the Dubai authorities. CEO Jez Mohideen expressed excitement about their growth prospects now that they have been given this approval from Dubai.
Dubai Becoming A Crypto Hub
As the most populous jurisdiction in UAE, Dubai is actively striving to become a major fintech hub for the entire Middle Eastern region. Other crypto-centric firms such as ATFX and CMC Markets have also entered this market recently while Binance’s local unit has received its MVP operational permit – one step short of a full license – from authorities there as well.
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