Bitcoin

<p>Laser Digital Middle East FZE, the digital asset subsidiary of Japanese global financial services group Nomura, has successfully obtained an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA).</p><p>This significant development, announced via a<a href="https://www.laserdigital.com/company-news/laser-digital-receives-virtual-asset-service-provider-licence-from-dubai-s-virtual-asset-regulatory-authority" rel="noopener noreferrer nofollow"> statement</a> published to Laser Digital’s website on Tuesday, comes as part of Nomura’s strategic efforts to make a strong presence in the digital asset space.</p><h2 id="header-0">Opportunity to expand services</h2><p>The newly acquired Virtual Asset Service Provider (VASP) license empowers Laser Digital to offer broker-dealer services and provide virtual asset management and investment solutions within the emirate. Additionally, the license will enable the company to carry out trading and asset management operations in the near future. This could potentially include the provision of over-the-counter (OTC) services, together with a diverse range of digital asset investment products.</p><p>Jez Mohideen, the CEO of Laser Digital, expressed his confidence in VARA’s meticulous and collaborative process, which assures institutional investors looking to get involved in this emerging asset class. “We are very grateful to VARA for approving our Operating License. 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,” he stated.</p><p>Established in September 2022 under the guidance of Nomura, Laser Digital was the brainchild of Steven Ashley, the former head of Nomura’s wholesale division, alongside Mohideen, who served as the firm’s former Chief Digital Officer and Co-Head of Global Markets for Europe, Middle East, and Africa (MENA). The company is headquartered in Switzerland, with sub-offices located in Dubai and London.</p><p>Dubai’s rapidly growing crypto ecosystem has garnered global attention, especially after the establishment of its own virtual asset rules and the formation of VARA in March 2022. In February, the regulatory body issued the “Full Market Product Regulations,” comprising four compulsory rulebooks and activity-specific guidelines that delineate the framework for Virtual Asset Service Providers (VASPs).</p><h2 id="header-1">Following in Binance’s footsteps</h2><p>Laser Digital’s recent achievement coincides with Binance’s continuous efforts to solidify its presence in the United Arab Emirates. Its license award comes hot on the heels of Binance having achieved the same milestone. On Monday, Binance’s Dubai subsidiary, Binance FZE,<a href="https://medium.com/&#64;coinness.gl/binance-expands-crypto-offering-in-dubai-with-new-license-27c7e4b7fe1c" rel="noopener noreferrer nofollow"> received</a> an operational Minimum Viable Product (MVP) from VARA, granting it permission to operate cryptocurrency exchange and virtual asset broker-dealer services locally.</p><p>Apart from Binance, only two other entities, digital asset custodians Komainu MEA and Hex Trust MENA FZE, currently hold operational MVP permits in the region. Notably, crypto exchange BitOasis also secured a conditional license but it has faced a<a href="https://medium.com/&#64;coinness.gl/dubai-regulator-suspends-bitoasis-crypto-license-2c9ff6c1aeb3" rel="noopener noreferrer nofollow"> suspension</a> from VARA for non-compliance with mandated conditions.</p><p>Laser Digital’s successful licensing and entry into Dubai’s crypto landscape further enrich the diversity of players in the region’s digital asset market. The involvement of reputable financial institutions like Nomura contributes to the establishment of a robust and well-regulated ecosystem in the United Arab Emirates. The license paves the way for Laser Digital to serve institutional investors and individual clients alike, offering innovative digital asset solutions while complying with the region’s regulatory standards.</p>

Nomura’s Crypto Subsidiary Secures Dubai VARA License

Table of Contents

CoinNess Global

Other articles published on Aug 2, 2023

BALD Meme Coin Loses 96% of Volume, Price Down Horribly

Cryptocurrency Regulation And The Government’s Approach

Lido DAO (LDO) Bulls Outnumber Bears, Is Correction Imminent?

3AC Co-Founder Asserts Independence from US Court

Survey: 25% of firms question FCA’s approach to Crypto; 75% admit challenges during registration

MicroStrategy plans a $750 million stock sale to Potentially Buy More Bitcoin!

Join our free newsletter for daily crypto updates!