Abu Dhabi Grants Broker License to Nomura's Crypto Arm, Laser Digital
Summary:
Laser Digital Limited, the cryptocurrency branch of Nomura, has been granted a broker license for traditional and digital assets by the Abu Dhabi Financial Services Regulatory Authority. The license advances the company's asset and fund management services in the region. Laser Digital's admission reflects the innovation-friendly approach of Abu Dhabi Global Market, with more crypto service providers such as QCP Capital and Chainalysis increasing their involvement in the region. The Central Bank of the UAE has also approved a new stablecoin licensing system.
Laser Digital Limited, the digital currency unit of Nomura, has been granted a brokerage license in the region of Abu Dhabi for both traditional and cryptocurrency assets. This greenlight was given by the Abu Dhabi Financial Services Regulatory Authority, who issued a Financial Services Permission (FSP) license, finalizing the company's full licensing process with the Abu Dhabi Global Market (ADGM). This new license enables Laser Digital to offer broker-dealer services, as well as manage funds and assets for both digital and traditional assets in the area. Jez Mohideen, Laser Digital's CEO, sees this clearance as a "significant landmark". Mohideen added that they plan to make a responsible contribution to the UAE's virtual asset sector while upholding the highest compliance and regulation standards at ADGM. Laser Digital had entered Abu Dhabi due to the region's favorable crypto regulations, as said by Mohideen. Arvind Ramamurthy, ADGM's head of market development, expressed that he is happy to welcome more innovative crypto firms like Laser Digital. Following this, the Central Bank of the United Arab Emirates (CBUAE) sanctioned a new stablecoin licensing and monitoring system on June 5, underscoring the region's innovation-friendly approach. More and more cryptocurrency services and Web3 companies have been growing their presence in the Abu Dhabi area, emerging as a major cryptocurrency hub. At the start of May, ADGM granted pre-approval for regulated digital asset activities to QCP Capital, a cryptocurrency options trading platform. Chainalysis, a leading on-chain security firm, established its regional headquarters in Dubai on May 8. The world's largest crypto exchange, Binance, obtained a Virtual Asset Service Provider license in April in Dubai. In February, ADGM and the Solana Foundation signed an agreement to promote the development of distributed ledger technology.
Published At
6/19/2024 12:01:34 PM
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