Coinspeaker
Nomura to Launch Crypto Services in Dubai after Obtaining License
Nomura, one of the largest financial services groups in Asia, announced on Monday that it has obtained a full license from Dubai’s Virtual Asset Regulatory Authority (VARA). The license is expected to expand Noruma’s presence in the Middle East.
Established in 2022, Laser Digital is Nomura’s crypto arm, Laser Digital, which delivers scalable, robust opportunities across trading, asset management, and ventures. With the license, it will provide Virtual Asset (VA) broker-dealer services and VA Management and Investment Services for institutions and professional investors in Dubai.
Additionally, users will be able to assess over-the-counter crypto trading and other investment products. Likewise, institutional investors will enjoy OTC trading services and access to a wide range of digital asset investment products and solutions.
According to Arif Amiri, CEO of DIFC Authority, they “are delighted to see Nomura’s growth plans flourish in DIFC, Dubai, and the region.”
Dubai Has Great Potentials: Laser Digital CEO
CEO of Laser Digital Jez Mohideen expressed his gratitude for the license approval. “VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class. With the license now in place, we are looking forward to Laser’s growth over the coming years,” said he.
Nomura’s move to launch virtual assets and brokerage services in Dubai is well-timed. It comes amid a growing interest and demand for digital assets among institutional and retail investors worldwide. According to a recent report by Triple A, global crypto ownership rates are at an average of 4.2%. There are also over 420 million crypto users worldwide. Likewise, the UAE ranks as one of the most crypto-friendly countries in the world.
Regulations, Nomura, and the Dubai Market
This is not Nomura’s first rodeo in Dubai. In 2018, it started a regulated digital asset custody solution through a joint venture with CoinShares and Ledger. In July, the group announced that it was launching an International Wealth Management Business in Dubai. Nomura obtained a Category 4 license from the Dubai Financial Services Authority (DFSA) to manage this business.
Aside from Nomura, several other exchanges are in various stages of obtaining their licenses. Just yesterday, Binance won an operational license in Dubai. The exchange is on track to getting full license approval in the city after securing a pre-approval last year Also, Crypto.com and OKX are in various stages of their application completion as they seek to comply with local regulators.
Nomura to Launch Crypto Services in Dubai after Obtaining License
