Ethereum

Bank

Foundation

Dubai

Nomura’s cryptocurrency arm, Laser Digital, has received a broker license in the Abu Dhabi region for both traditional and digital assets.
The Financial Services Regulatory Authority of Abu Dhabi has approved the issuance of a Financial Services Permission (FSP) license for the company, marking the end of its full licensing process with the Abu Dhabi Global Market (ADGM).
The new license will allow Laser Digital to provide broker-dealer as well as asset and fund management services for both digital and traditional assets in the region.
The company considers the licensing approval a “significant milestone,” according to Jez Mohideen, the CEO of Laser Digital. He wrote:
<blockquote data-ct-non-breakable="true">
 “We are eager to contribute responsibly to the virtual asset industry in the UAE. We have always been committed to upholding the highest standards of compliance and regulations at ADGM, and we look forward to contributing to ADGM’s ecosystem.” 
</blockquote>
Related: <a href="https://cointelegraph.com/news/ether-price-10k-most-asymmetric-bet-crypto-analyst">Ethereum price to $10K is the most ‘asymmetric bet’ in crypto — Analyst</a>
<h2 data-ct-non-breakable="true" id="united-arab-emirates-could-become-the-next-global-crypto-hub-due-to-innovation-friendly-regulations">United Arab Emirates could become the next global crypto hub due to innovation-friendly regulations</h2>
Laser Digital’s operating license comes nearly nine months after it received in-principal approval from ADGM in September 2023.
The firm chose Abu Dhabi for its expansion plans due to the innovation-friendly crypto regulations in the region, according to Laser Digital’s CEO, Mohideen, who wrote:
<blockquote data-ct-non-breakable="true">
 “Laser Digital chose Abu Dhabi as its destination of choice due to ADGM’s progressive and transparent approach to regulation, based on strong cross-industry dialogue and collaboration with different sector players including the digital asset sector.”
</blockquote>
ADGM’s chief of market development, Arvind Ramamurthy, said that the regulator is delighted to welcome more innovation-oriented crypto firms. He wrote:
<blockquote data-ct-non-breakable="true">
 “We’re delighted to welcome Laser Digital as we expand our financial community to include partners such as Laser, whose offerings align with ADGM and the FSRA’s international best practices and progressive regulatory ecosystem.” 
</blockquote>
Showcasing the region’s innovation-friendly approach, the Central Bank of the UAE approved the issuance of a <a href="https://cointelegraph.com/news/uae-stablecoin-licensing-system">new stablecoin licensing and monitoring system</a> on June 5.
Related: <a href="https://cointelegraph.com/news/bitcoin-ether-portfolio-performance-bbva">Bitcoin and Ether can ‘greatly improve’ portfolio performance: BBVA</a>
<h2 data-ct-non-breakable="true" id="uae-is-attracting-more-crypto-firms">UAE is attracting more crypto firms</h2>
Increasingly, more crypto service providers and Web3 companies have been expanding their presence into the Abu Dhabi region, which is becoming a significant cryptocurrency hub.
At the beginning of May, crypto options trading platform <a href="https://cointelegraph.com/news/qcp-capital-abu-dhabi-regulatory-approval-crypto-trading">QCP Capital received in-principle approval</a> for regulated digital asset activities from the ADGM. This made QCP the first Singapore-based crypto market maker and broker to receive a preliminary license in the region.<iframe width="100%" height="315" src="https://www.youtube.com/embed/d7tL4gxoWFw" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen data-ct-non-breakable="true"></iframe>
<figcaption style="text-align: center;">
 Asking Dubai Crypto Tycoons How They Got Rich. Source: Cointelegraph<a href="https://www.youtube.com/@cointelegraph" target="_blank" rel="noopener nofollow"></a>
</figcaption>
Leading onchain security firm <a href="https://cointelegraph.com/news/chainalysis-dubai-regional-hq-uae-crypto">Chainalysis also set</a> up regional headquarters in Dubai on May 8, after the firm has been “actively engaging” with local government stakeholders to offer advice on best practices for regulatory development in the crypto industry that drive innovation.
In April, the world’s largest crypto exchange by volume, <a href="https://cointelegraph.com/news/binance-dubai-crypto-license-following-cz-s-departure">Binance, received a long-awaited</a> Virtual Asset Service Provider license in Dubai after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity.
In February, <a href="https://cointelegraph.com/news/abu-dhabi-financial-center-partners-solana-expand-dlt-projects">ADGM signed a memorandum</a> of understanding with the Solana Foundation to advance the development of distributed ledger technology.
Magazine: <a href="https://cointelegraph.com/magazine/roaring-kittys-shares-1b-gme-rally-btc-open-interest-soars-hodlers-digest-june-2-8/">Roaring Kitty’s GME shares hit $1B, BTC open interest soars, and other news: Hodler’s Digest, June 2–8</a>

Nomura crypto arm Laser Digital bags Abu Dhabi license

Table of Contents

Cointelegraph

Other articles published on Jun 19, 2024

Here’s How Much Your $1,000 Investment Will Be Worth If Dogecoin (DOGE), Tron (TRX), And ETFSwap ...

Ripple (XRP) Range-Bound Struggle: Will It Break Free?

Terra Luna Classic (LUNC) Community Finally Approves Tax2Gas Proposal

Bitcoin on its Deathbed! Will Retail Investors Come to the Rescue?

BlockDAG Excels with Keynote 2, Achieving an Unprecedented $51.4 Million Amidst NEAR Protocol New...

Crypto Bet Gone Wrong: Taiwanese Man Faces Charges For Betting On Presidential Elections

Join our free newsletter for daily crypto updates!