Nomura’s Crypto Arm Gains Operating License Approval in Dubai

Laser Digital, the digital asset asset subsidiary of financial services giant Nomura, has received an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA), the final stage of the licensing process, the company said in a statement Tuesday.

Laser Digital Middle East, which is based in the emirate, can now offer virtual asset (VA) broker-dealer services and VA management and investment services having completed all four stages of the process, it said.

Dubai introduced a licensing program earlier this year, and companies including Crypto.com and OKX are in the process of reaching full approval. Binance, the world’s largest crypto exchange, won a license to operate in Dubai in July.

The unit plans to start its trading and asset management business in the coming months, offering over-the-counter (OTC) trading services and a range of digital asset investment products, the company said.

“VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class,” said Laser Digital CEO Jez Mohideen.

Read more: Why Crypto Companies Are Warming to the United Arab Emirates