Laser Digital chief executive Jez Mohideen said the license will allow the company to offer virtual asset broker-dealer and investment management services to locals. Laser Digital plans to launch over-the-counter trading services and digital asset-related investment products for institutional investors in the coming months. Laser Digital executives noted that the company received regulatory approval after tightening rules for virtual asset service providers (VASPs) and cryptocurrency companies.
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“With this license we will be able to innovate and offer products that will be of interest to large institutions operating in the virtual asset space,” Laser Digital’s top executive announced.
Laser Digital was launched last fall. The company is headquartered in Switzerland and has offices in Dubai and London. According to Mohidin, Dubai was not chosen at random: this major financial center has a loyal influential agency, the Dubai Virtual Asset Regulatory Authority (VARA), which regulates the growing cryptocurrency market. In July, the agency unveiled a list of licensing and revocation fees for cryptocurrency companies.
Recently, cryptocurrency exchange Binance became the first platform to receive an MVP operating license from the Dubai regulator.