Nomura’s crypto broker and crypto investment service provider, Laser Digital, now has two crypto broker licenses in the UAE. It announced today that the regulatory authority of Abu Dhabi’s ADGM (Abu Dhabi Global Market), the FSRA (Financial Services Regulatory Authority), has granted it an FSP license.
Also read: Laser Digital receives license approval in Abu Dhabi
Per the press release, the license grants Laser Digital permission to provide broker-dealer services and asset/fund management services in and from ADGM for virtual and traditional assets. Jez Mohideen leads Laser Digital’s UAE entity with Ramin Shayesteh as Head of Distribution. Last September Laser Digital was granted in principle approval from ADGM.
Laser Digital already received the VARA license in Dubai
Laser Digital already received a full crypto license from VARA (Virtual Asset Regulatory Authority) in Dubai that will allow it to offer virtual asset broker-dealer and investment management services in the UAE. At the time, Laser Digital announced that it planned to launch over-the-counter trading services and digital-asset investment products for institutional investors in the coming months.
According to VARA’s website, Laser Digital was awarded the full VARA license, issued to VASPs which satisfies all of the requirements as specified under the Virtual Assets and Related Activities Regulations 2023. It allows a VASP to offer approved Virtual Asset services to retail customers as well as institutional customers and Qualified Investors. With this new license from ADGM, Laser Digital now covers both ADGM and VARA requirements.
Jez Mohideen, CEO of Laser Digital commented:
“Our team at Laser is delighted with this significant milestone, and we are eager to contribute responsibly to the virtual asset industry in the UAE. We have always been committed to upholding the highest standards of compliance and regulations at ADGM, and we look forward to contributing to ADGM’s ecosystem.”
Arvind Ramamurthy, Chief of Market Development at ADGM, also commented on Laser’s license approval, saying, “We’re delighted to welcome Laser Digital as we expand our financial community to include partners such as Laser, whose offerings align with ADGM and the FSRA’s international best practices and progressive regulatory ecosystem.”
Laser Digital onboard Tokenization movement
In May, Laser Digital announced an investment in MANTRA Chain, a Layer 1 blockchain solution for Real-World Assets. In March 2024, MANTRA Chain raised $11 million, led by UAE-based Shorooq Partners, with investors including Three-Point Capital, Forte Securities, VirtuZone, Hex Trust, and GameFi Ventures. At the time, it was noted that Mantra Chain was in the final stages of receiving licenses from Dubai’s crypto regulator, VARA.
Further back in March 2024, Laser Digital unveiled plans for the Laser Digital Polygon Adoption Fund (Fund). The fund enables institutional investors to access the staking yields of the native MATIC token of the Polygon proof-of-stake blockchain. The UAE has become a hub for regulated crypto exchanges, with names such as Binance and OKX among those registered in the territory.
Cryptopolitan reporting by Lara Abdul Malak
