Laser Digital Joins ATFX and CMC Markets in Dubai Crypto Push, Gains VASP License

Another popular company from the finance world has decided to build its presence in the United Arab Emirates (UAE), which is increasingly becoming a hub for cryptocurrency.

Laser Digital Middle East FZE, a digital asset subsidiary of Nomura operating out of Dubai, announced today (Tuesday) its successful acquisition of a Virtual Asset Service Provider (VASP) license from the emirate's Virtual Asset Regulatory Authority (VARA). This allows Laser Digital to extend its services in the UAE.

Nomura's Laser Digital Opens for Cryptocurrencies in Dubai

This license approval enables Laser Digital to provide Virtual Asset (VA) Broker-Dealer Services and VA Management and Investment Services, thereby boosting its position in the digital asset sector. The company, under the leadership of the CEO Jez Mohideen and the Head of Distribution Cameron Dickie, is planning to launch its Trading and Asset Management businesses. The main goal is to bring a suite of digital asset investment products and solutions to institutional investors.

Founded last year by Nomura, Laser Digital was the brainchild of Steven Ashley, the former head of Nomura's wholesale division, and Jez Mohideen, Nomura's former Chief Digital Officer and Co-Head of Global Markets EMEA. Laser Digital is headquartered in Switzerland but operates from London and Dubai.

On the occasion, Mohideen stated his gratitude towards VARA for approving their operating license and expressed optimism about Laser Digital's future growth.

"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" Mohideen added.

Consequently, Normua is the latest financial sector firm to enter the rapidly expanding cryptocurrency industry in the UAE and Dubai. Along with numerous cryptocurrency exchanges, like Binance, brokers and investment banks such as ATFX and CMC Markets have also entered the scene.

Dubai Leverages Crypto Regulatory Woes

Binance's situation demonstrates that cryptocurrencies have not earned regulators' confidence in the US and Europe. Thus, like many other exchanges, it has sought other safe havens, landing in places like the UAE and Hong Kong.

In light of regulatory hurdles in Europe and the USA, the Middle East may become the primary hub for the crypto industry. This is evident from the recent movements by Binance and their acquisition of another local license.

Moreover, the local market could have considerable potential concerning the number of retail investors interested in trading. The increasing number of active traders in the FX/CFD market substantiates this.

"New traders continue to be attracted by an ability to trade with small amounts and their desire to learn a new skill. Market volatility has also been a more effective prompt this year," Lorenzo Vignati, the Associate Research Director at Investment Trends, explained this trend.