Dubai’s financial landscape is witnessing another significant milestone as Laser Digital, the digital asset subsidiary of financial services giant Nomura, has successfully obtained an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). This final stage of the licensing process allows Laser Digital Middle East, based in the emirate, to provide virtual asset (VA) broker-dealer services and VA management and investment services.
The licensing program introduced by Dubai earlier this year has been attracting prominent players in the crypto space. Companies like Crypto.com and OKX are in the process of securing full approval, while Binance, the world’s largest crypto exchange, already obtained a license to operate in Dubai back in July.
With the completion of all four stages of the licensing process, Laser Digital Middle East is now poised to launch its trading and asset management business in the coming months. The company plans to offer over-the-counter (OTC) trading services and a diverse range of digital asset investment products to cater to the growing demand in the market.
Laser Digital CEO, Jez Mohideen, expressed confidence in the licensing process provided by VARA, emphasizing that it offers institutional investors the necessary assurance to participate in the crypto asset class. This level of regulatory oversight is crucial in fostering confidence among investors and facilitating the adoption of virtual assets by institutional players.
Dubai’s growing interest in the crypto and blockchain space reflects the region’s acknowledgment of the transformative potential of these technologies. By offering a conducive regulatory environment, the emirate aims to attract global crypto players and position itself as a hub for crypto innovation and investment.
As Laser Digital gears up to commence its operations, the crypto industry eyes Dubai’s financial landscape with heightened interest, expecting further advancements and new opportunities in the growing digital asset market. The granting of the operating license is a notable step towards legitimizing and integrating virtual assets into the traditional financial ecosystem.
