Nomura’s crypto brokerage and investment service provider, Laser Digital, has now secured two crypto broker licenses in the United Arab Emirates (UAE).
Laser Digital Second UAE’s Crypto Broker License
The company announced on June 19 that it had received an FSP license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This comes about ten months after obtaining approval for an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA).
According to a press release, the license allows Laser Digital to provide broker-dealer services and asset/fund management services for both virtual and traditional assets within and from ADGM. Jez Mohideen leads Laser Digital’s UAE firm, with Ramin Shayesteh as Head of Distribution. Last September, Laser Digital received in-principle approval from ADGM.
Laser Digital’s Dubai’s VARA License in Dubai
Laser Digital has already secured a full crypto license from VARA in Dubai. This license allows the firm to offer virtual asset broker-dealer and investment management services in the UAE.
According to VARA’s website, Laser Digital was granted the full VARA license issued to Virtual Asset Service Providers (VASPs) that meet all requirements specified under the Virtual Assets and Related Activities Regulations 2023. This license permits a VASP to offer approved virtual asset services to retail and institutional customers, and qualified investors. With the new license from ADGM, Laser Digital now meets the regulatory requirements of both ADGM and VARA.
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Laser Digital Onboard Tokenization Movement
In May, Laser Digital announced its investment in MANTRA Chain. MANTRA Chain is a Layer 1 blockchain solution for Real-World Assets. In March 2024, MANTRA Chain raised $11 million in a funding round led by UAE-based Shorooq Partners, with participation from investors including Three-Point Capital, Forte Securities, VirtuZone, Hex Trust, and GameFi Ventures. At that time, MANTRA Chain was in the final stages of obtaining licenses from Dubai’s crypto regulator, VARA.
Also, in March 2024, Laser Digital unveiled the Laser Digital Polygon Adoption Fund. This fund allows institutional investors to access the staking yields of the native MATIC token on the Polygon proof-of-stake blockchain. The UAE has become a hub for regulated crypto exchanges, with prominent names such as Binance and OKX among those registered in the region.
Final Word
This recent move from Laser Digital reminds the crypto world of how the UAE continues to be a magnet for crypto service providers and Web3 companies and a hub for regulated digital asset activities. Some crypto companies that have gotten licenses in the UAE, just like Laser Digital, include Binance, Chainalysis, Fasset, Deribit, QCP Capital, Nexo, OKX, M2, etc.
Frequently Asked Questions
Who is the CEO of Laser Digital?
Jez Mohideen is the CEO of Laser Digital.
What Does Laser Digital Do?
Laser Digital is a digital asset firm specializing in trading, asset management, solutions, and early-stage investing.
Does Crypto Company Need a License to Operate in the UAE?
Yes, crypto companies in the UAE need a license.
Which Company has received a UAE License to operate as a Regulated Crypto Exchange?
Crypto exchange companies with licenses to operate in the UAE include Binance, Kraken, OKX, etc.
Which Country is Best for Crypto Exchange Licenses?
Countries best to obtain crypto exchange licenses include the UAE, Czech Republic, Lithuania, etc.
Is Crypto Trading banned in the UAE?
No, crypto trading is not banned in the UAE.
Is the UAE a Crypto-Friendly Country?
Yes, the UAE is a crypto-friendly country.
