Nomura Bank’s Laser Digital receives approval for operations in Abu Dhabi

Key takeaways

Laser Digital can now operate in Abu Dhabi

Laser Digital, the digital assets arm of Japan’s Nomura Bank, has received in-principal approval to provide broker-dealer services and asset/fund management services in Abu Dhabi.

#ADGM is proud to announce that @LaserDigital_ has received an In-Principle Approval (IPA) from the ADGM Financial Services Regulatory Authority (FSRA) for its virtual asset management services, further establishing it as a leading global hub for digital assets.… pic.twitter.com/CmvkP4wumO

— Abu Dhabi Global Market (@ADGlobalMarket) September 26, 2023

The approval was granted by the Abu Dhabi Global Market (ADGM), allowing Laser Digital to offer numerous services to users in the region. This recent development positions Laser Digital to potentially receive full Financial Services Permission to operate in Abu Dhabi upon meeting the specified conditions for the current approval. The details of these conditions, however, were not disclosed in the announcement.

Laser Digital CEO Jez Mohideen expressed his excitement about joining the ADGM, stating, “Their comprehensive and clear regulatory framework is creating a global hub for digital assets that we are delighted to be joining.”

The ADGM, located in the capital of the United Arab Emirates (UAE), continues to attract global companies as an international financial free zone. It covers nearly 15 square kilometers across two islands and includes a registration authority, regulatory authority, and a court.

Crypto companies gain approval in Abu Dhabi

Following Standard Chartered-backed Zodia Markets’ approval as a crypto broker in Abu Dhabi three weeks ago, Laser Digital has also received its approval. In June of last year, Binance received in-principal approval to operate in the ADGM and later obtained Financial Services Permission in November. Other companies that have received approval from the ADGM include Kraken, UAE-based M2, and Bahrain-based Rain.

Laser Digital’s approval in Abu Dhabi comes after the company acquired an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA) and recently launched its Bitcoin Adoption Fund.