Nomura’s Crypto Subsidiary Secures Full Operating License in Dubai

The digital asset division of the Japanese brokerage group Nomura has obtained a license to offer crypto services in the United Arab Emirates (UAE). The company is the latest among several other digital asset firms to obtain a license in the country.

Laser Digital was awarded an operating license by Dubai's Virtual Asset Regulatory Authority (VARA) as the final stage in the licensing of cryptocurrency businesses in the country. The new license allows the company to offer broker-dealer, management, and investment services in virtual assets.

Nomura Eyes Expansion in Dubai

Jez Mohideen, the CEO of Laser Digital, said: "We are very grateful to the VARA for approving our operating license. 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."

Laser Digital has completed all the steps in the approvals for digital asset services in the UAE. This year, Dubai issued a mandatory requirement for the licensing of cryptocurrency service providers. Some of the requirements include compliance with cybersecurity and risk management controls. The rules cover the issuance, advisory, custody, and exchange services for digital assets.

In the UAE, cryptocurrency regulations fall under the purview of the Virtual Asset Regulatory Authority (VARA). The entity was created in 2022 as part of the steps to make the UAE a crypto hub and to attract crypto and blockchain companies.

Binance, OKX, and Bitget

Finance Magnates reported yesterday (Monday) that Binance FZE, the crypto exchange's subsidiary in the UAE, had received a Minimum Viable Product (MVP) license from the VARA. The license enables the company to offer virtual asset exchange and broker-dealer services for institutional and retail clients.

The other cryptocurrency exchanges that have received a license to operate in the UAE are Crypto.com, OKX, Bitget, and ByBit. Crypto.com was awarded a preparatory license in March, the second stage in obtaining a license for crypto services in the UAE. For a cryptocurrency business to be fully licensed in the UAE, it must obtain a provisional, preparatory, and operating license.

However, the VARA has withdrawn licenses from some cryptocurrency companies operating in the country. The regulator suspended BitOasis' license last month for allegations of non-compliance. BitOasis was awarded a Minimum Viable Product (MVP) license in the UAE on April 12.