ADGM Gives Preliminary Approval for Laser Digital to Offer Broker-Dealer Services
Summary:
Abu Dhabi Global Market (ADGM) has given provisional approval to Laser Digital, a digital assets division of Japan's Nomura Bank, to provide broker-dealer and asset management services for both digital and traditional assets. Following the meeting of specific criteria, Laser Digital could receive full Financial Services Permission. ADGM also granted operation permissions to various other entities including Binance and Kraken. This comes after Laser Digital received an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA) and launched a Bitcoin Adoption Fund.
On September 26, a report from Abu Dhabi Global Market (ADGM) revealed that it has given Laser Digital, the digital entities division of Nomura Bank from Japan, provisional authorization to carry out broker-dealer operations and manage digital and conventional assets. After meeting specific criteria laid out in the approval, Laser Digital could acquire the complete Financial Services Permission for operation. These stipulations were not explicitly communicated. Jez Mohideen, CEO of Laser Digital, praised ADGM's clearly defined regulatory structure that fosters the growth of digital assets globally.
ADGM is a financial free zone internationally recognized and located in Abu Dhabi, the capital city of the United Arab Emirates (UAE). Covering almost 15 square kilometers over two islands, ADGM comprises a registry authority, a regulatory agency, and a court that enforces common law. In April 2022, Binance secured its initial approval to launch its operations in ADGM, while Financial Services Permission was granted in November. ADGM also approved operations for Kraken in 2022, and two lesser-known virtual assets companies, M2 from UAE and Rain from Bahrain, were accredited this year.
In another development, Ras Al Khaimah introduced a free zone for digital and virtual asset firms, named RAK Digital Assets Oasis (RAK DAO), earlier this year. Interestingly, just a month prior to this ADGM approval, Laser Digital was given an operating permit by Dubai’s Virtual Asset Regulatory Authority (VARA) and created a Bitcoin Adoption Fund. Formed in September 2022, Laser Digital is part of a collaboration between Nomura, CoinShares, and Ledger called the Komainu joint venture. Komainu also received an operating permit from Dubai's VARA in August, becoming one of the many crypto exchange operations.
Published At
9/26/2023 9:43:06 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.