Laser Digital is now fully licensed in Abu Dhabi, joining the growing list of cryptocurrency service providers launching services in the UAE.
Laser Digital Limited, the digital asset arm of Japanese financial services giant Nomura, has successfully obtained a broker-dealer license in Abu Dhabi. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM) has granted Laser Digital a Financial Services Permit (FSP) license that allows the crypto company to handle traditional and digital assets. The license indicates the completion of Laser Digital’s licensing process with ADGM.
Laser Digital Ready to Offer Cryptocurrency Services in Abu Dhabi
Laser Digital’s UAE corporate CEO, Jez Mohideen, expressed the company’s readiness to participate in the cryptocurrency sector in the UAE. According to Mohidin:
“We want to contribute responsibly to the virtual asset industry in the UAE. We have always strived to maintain the highest standards of compliance and regulation at ADGM and look forward to contributing to the ADGM ecosystem.”
ADGM granted Laser Digital in-principle approval (IPA) last September. According to an official Nomura press release at the time, Laser Digital chose Abu Dhabi because ADGM’s regulatory approach was progressive and transparent. The release noted that ADGM applies “cross-industry dialogue and collaboration” with players from multiple industries, including the cryptocurrency sector.
Nomura launched Laser Digital in 2022, co-founded by Mohideen, Nomura’s chief digital officer and co-head of global markets EMEA, and Steve Ashley, former head of wholesale at Nomura. Nomura established Laser Digital Holdings AG in Switzerland. Last October, Laser Digital expanded into the Japanese market with a new office in Tokyo. A few months ago, in August, the company received a formal operating license from the Dubai Virtual Asset Regulatory Authority (VARA). The license concludes the company’s VARA licensing process.
UAE supports the cryptocurrency sector
The UAE is considered an attractive and welcoming destination for the cryptocurrency industry. Easy and supportive regulations have simplified the licensing process for interested companies, attracting many other companies to the region. Last month, blockchain infrastructure solutions company Blockdaemon received a license from ADGM to begin operations in Abu Dhabi. The company plans to make its Web3 infrastructure solutions available in the UAE to support other service providers in the region.
Last April, Chiliz, a sports and entertainment-focused blockchain provider, announced a partnership with the UAE Pro League to improve the fan experience and increase the league’s popularity through blockchain.
Last November, Paxos received approval from the FSRA to offer fiat-backed USD stablecoins in the UAE. Paxos’ stablecoin line already includes Pax Dollar (USDP), Pax Gold (PAXG), and PayPal USD (PYUSD). In the same month, ADGM granted retail and social trading giant eToro a license to operate as a securities, derivatives and cryptocurrency broker in the UAE.
An executive at cryptocurrency and blockchain platform Komodo believes the UAE’s support for the cryptocurrency sector makes the country a better fit for the industry than the United States. Political stability in the UAE is a driving force, according to Kadan Stadelmann, Komodo’s chief technology officer. Stadelmann explained that a country’s monarchy allows for political stability because it lacks the bottlenecks typical of policy change in democracies.
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