Nomura’s digital currency division, Laser Digital, has secured a broker license in the Abu Dhabi area for both conventional and digital assets. The Financial Services Regulatory Authority of Abu Dhabi has given the green light for the issuance of a Financial Services Permission (FSP) license to the company, concluding its comprehensive licensing process with the Abu Dhabi Global Market (ADGM).
This new license enables Laser Digital to offer broker-dealer services, as well as asset and fund management services for both digital and traditional assets in the region. Jez Mohideen, the CEO of Laser Digital, views the approval of the license as a significant achievement. In his statement, he expressed his satisfaction with the milestone reached by the company.
Laser Digital’s operational permit comes after approximately nine months since it received initial approval from ADGM in September 2023. The decision to expand in Abu Dhabi was influenced by the region’s crypto-friendly regulations that foster innovation, as highlighted by Mohideen.
Arvind Ramamurthy, ADGM’s chief of market development, expressed delight in welcoming more innovation-driven crypto companies to the region. He emphasized the region’s innovation-friendly stance, pointing out that the Central Bank of the UAE had recently approved a new stablecoin licensing and monitoring system on June 5.
The Abu Dhabi region is increasingly becoming a notable cryptocurrency hub, with more crypto service providers and Web3 companies expanding their operations in the area. For instance, in early May, the crypto options trading platform QCP Capital received preliminary approval for regulated digital asset activities from ADGM, making it the first Singapore-based crypto market maker and broker to receive such a license in the region.
Chainalysis, a leading onchain security firm, also established regional headquarters in Dubai on May 8, after engaging extensively with local government stakeholders to provide guidance on regulatory development practices in the crypto industry that foster innovation.
Furthermore, in April, Binance, the world’s largest crypto exchange by volume, finally obtained a Virtual Asset Service Provider license in Dubai after co-founder Changpeng Zhao relinquished his voting power in the exchange’s local entity.
In February, ADGM inked a memorandum of understanding with the Solana Foundation to advance the development of distributed ledger technology, further solidifying the region’s position as an innovative hub in the crypto space.