Cryptocurrencies

Laser Digital Limited, the cryptocurrency arm of Nomura, has acquired…

Laser Digital Limited, the cryptocurrency arm of Nomura, has obtained a broker’s license in the Abu Dhabi region for traditional and digital assets.

The Abu Dhabi Financial Services Regulatory Authority has approved the issuance of a Financial Services License (FSP) to the company, marking the completion of the full licensing process with the Abu Dhabi Global Market (ADGM).

The new license will enable Laser Digital to provide brokerage and trading services as well as asset and fund management services for digital and traditional assets in the region.

The company considers the license approval a “significant milestone,” according to Jez Mohieldin, CEO of Laser Digital. he wrote:

“We want to contribute responsibly to the virtual assets sector in the UAE. We have always been committed to the highest compliance and regulatory standards at ADGM, and we look forward to contributing to the ADGM ecosystem.

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The UAE could become the next global cryptocurrency hub thanks to its innovation-friendly regulations.

Laser Digital’s operating license comes approximately nine months after obtaining initial approval from the Abu Dhabi Global Market in September 2023.

The company chose Abu Dhabi for its expansion plans due to the region’s innovation-friendly cryptocurrency regulations, according to Mohieldin, CEO of Laser Digital, who wrote:

“Laser Digital chose Abu Dhabi as its preferred destination due to ADGM’s progressive and transparent approach to regulation, based on strong cross-sector dialogue and collaboration with various industry stakeholders, including the digital assets sector .”

Arvind Ramamurthy, head of market development at Abu Dhabi Global Market, said the regulator was happy to welcome more innovation-oriented cryptocurrency companies. he wrote:

“We are pleased to welcome Laser Digital as we expand our financial community to include partners like Laser, whose offerings are aligned with Abu Dhabi’s global market, international best practices and the FSRA’s progressive regulatory ecosystem .

To illustrate the region’s pro-innovation approach, the Central Bank of the United Arab Emirates (CBUAE) agreed to release a new stablecoin authorization and monitoring system on June 5.

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UAE attracts more cryptocurrency companies

A growing number of cryptocurrency service providers and Web3 companies are expanding their presence in the Abu Dhabi region, which has become a major cryptocurrency hub.

In early May, cryptocurrency options trading platform QCP Capital received approval in principle from the Abu Dhabi Global Market for regulated digital asset activities. This makes QCP the first cryptocurrency market maker and broker in Singapore to obtain an initial license in the region.

Asking Dubai’s cryptocurrency tycoons how they got rich. Source: Cointelegraph

Leading blockchain security company Chainalogy also established a regional headquarters in Dubai on May 8, after the company “actively engaged” with local government stakeholders to advise on the best regulatory development practices in the cryptocurrency sector, a driver of innovation.

In April, Binance, the world’s largest cryptocurrency exchange by volume, obtained a long-awaited virtual asset service provider license in Dubai after co-founder Changpeng Zhao relinquished his rights to vote in the local entity of the stock exchange.

In February, ADGM signed a memorandum of understanding with the Solana Foundation to advance the development of distributed ledger technology.

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