Nomura’s digital asset division, Laser Digital, has been granted a brokerage license in Abu Dhabi for both traditional and digital assets. The Financial Services Regulatory Authority of Abu Dhabi has given approval for the issuance of a Financial Services Permission (FSP) license to Laser Digital, completing the company’s full licensing process with the Abu Dhabi Global Market (ADGM).
This new license enables Laser Digital to offer broker-dealer, asset, and fund management services for both traditional and digital assets in the region. Jez Mohideen, the CEO of Laser Digital, views this licensing approval as a significant achievement. He expressed his thoughts, stating:
“The approval of this license marks a major milestone for our company.”
Laser Digital’s official license comes after approximately nine months since receiving in-principle approval from ADGM in September 2023. The company selected Abu Dhabi for its expansion strategy due to the crypto-friendly regulations in the region, as highlighted by CEO Mohideen.
ADGM’s chief of market development, Arvind Ramamurthy, expressed excitement about welcoming more innovation-focused crypto firms. He emphasized the region’s innovation-friendly environment. In line with this approach, the Central Bank of the UAE introduced a new stablecoin licensing and monitoring system on June 5.
The Abu Dhabi region is increasingly attracting more crypto service providers and Web3 companies, establishing itself as a significant cryptocurrency hub. For instance, QCP Capital, a crypto options trading platform, received in-principle approval for regulated digital asset activities from ADGM at the beginning of May, making it the first Singapore-based crypto market maker and broker to receive a preliminary license in the region.
Additionally, leading onchain security firm Chainalysis established regional headquarters in Dubai on May 8, after engaging with local government stakeholders to provide guidance on regulatory development in the crypto industry. Moreover, Binance, the world’s largest crypto exchange by volume, obtained a Virtual Asset Service Provider license in Dubai in April, following co-founder Changpeng Zhao relinquishing his voting power in the exchange’s local entity.
In February, ADGM signed a memorandum of understanding with the Solana Foundation to advance the development of distributed ledger technology. Abu Dhabi’s increasingly crypto-friendly environment is attracting more firms and positioning itself as a hub for innovation in the cryptocurrency space.