Laser Digital, a digital asset arm of global financial services group Nomura, has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The approval marks the completion of Laser Digital's licensing process with ADGM.
Nomura's Laser Digital Wins Abu Dhabi Regulatory Approval
The FSP allows Laser Digital to provide broker-dealer and asset management services for both virtual assets and traditional assets within ADGM, Abu Dhabi's international financial center and free zone. The company's UAE entity is led by CEO Jez Mohideen, with Ramin Shayesteh serving as Head of Distribution.
"We are eager to contribute responsibly to the virtual asset industry in the UAE," said Mohideen in a statement. "We have always been committed to upholding the highest standards of compliance and regulations at ADGM, and we look forward to contributing to ADGM's ecosystem."
Laser Digital, backed by the Japanese financial services giant Nomura, was established in the second half of 2022 in Switzerland, which is known for its crypto-friendly regulations. In the following years, however, the company took steps to acquire licenses in other regions of the world, including the Middle East.
With the ADGM approval, Laser Digital joins a growing list of digital asset firms, establishing a presence in Abu Dhabi as the UAE continues to position itself as a hub for the industry.
"We're delighted to welcome Laser Digital as we expand our financial community to include partners such as Laser, whose offerings align with ADGM and the FSRA's international best practices and progressive regulatory ecosystem," Arvind Ramamurthy, Chief of Market Development at ADGM, commented, welcoming Laser Digital to the financial center's growing community.
Laser Digital is currently among the three companies aiming to introduce a new cryptocurrency product in Japan, specifically "Stablecoin-as-a-Service," and they are collaboratively working on the issuance of JPY and USD stablecoins in Japan.
Meanwhile, Nomura’s crypto subsidiary has strengthened its leadership by appointing Hideaki Kudo as a Representative Director and the head of Laser's newly established office in Tokyo.
This article was written by Damian Chmiel at www.financemagnates.com.
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