- The cryptocurrency division of Nomura Holding has received a Virtual Asset Service Provider (VASP) license.
- The company has already announced plans to market crypto investment products to institutional clients.
Laser Digital, the cryptocurrency division of Nomura Holding, has received a service license from the Dubai Virtual Asset Regulatory Authority (VARA). This document gives the firm the right to provide broker-dealer services in the market.
The organization also said it plans to launch OTC cryptocurrency trading and a number of investment products for institutional clients in the near future.
“We are grateful to VARA for approving our license. The regulator’s oversight gives institutional investors the certainty that is required to do business in the cryptoasset market. Now that registration is complete, we look forward to Laser Digital’s continued growth,” CEO Jez Mohidin.
Besides the Emirates, the firm also provides services in Switzerland and the UK. The division was created in September 2022.
In June 2023, the company struck a deal to buy payment solutions provider Elysium Technology Group. As part of this agreement, the organization gained access to RiskDB and MatchHub products. These are tools to adjust OTC transactions.
Reminder, cryptocurrency exchange Binance said earlier that the UAE is an important market for it. Notably, in April 2023, the regulator required the company to provide additional information about its risk management and organizational structure.
This was due to stricter requirements for virtual asset service providers. Despite this, exchanges Coinbase and Gemini have also expressed interest in promoting their services in the Emirates.
At the same time, Coinbase and Gemini have also expressed interest in promoting their services in the Emirates.