Key takeaways
Laser Digital can now operate in Abu Dhabi
Laser Digital, the digital assets arm of Japan’s Nomura Bank, has received in-principal approval to provide broker-dealer services and asset/fund management services in Abu Dhabi.
#ADGM is proud to announce that @LaserDigital_ has received an In-Principle Approval (IPA) from the ADGM Financial Services Regulatory Authority (FSRA) for its virtual asset management services, further establishing it as a leading global hub for digital assets.… pic.twitter.com/CmvkP4wumO
— Abu Dhabi Global Market (@ADGlobalMarket) September 26, 2023
The approval was granted by the Abu Dhabi Global Market (ADGM), allowing Laser Digital to offer numerous services to users in the region.
This latest cryptocurrency news means that Laser Digital stands a chance to receive full Financial Services Permission to operate in the region upon meeting the conditions specified in the current approval. However, the conditions to be met were not specified in the announcement.
While commenting on this latest development, Laser Digital CEO Jez Mohideen said of the ADGM said;
“Their comprehensive and clear regulatory framework is creating a global hub for digital assets that we are delighted to be joining.”
The ADGM continues to attract more companies around the world as it is an international financial free zone within Abu Dhabi, the capital of the United Arab Emirates (UAE).
The financial free zone occupies nearly 15 square kilometres across two islands and comprises a registration authority, regulatory authority and a court.
Crypto companies continue to gain approval in Abu Dhabi
Laser Digital’s approval comes roughly three weeks after Standard Chartered-backed Zodia Markets received its approval to serve as a crypto broker in Abu Dhabi.
In June last year, Binance received in-principal approval to operate in the ADGM. the cryptocurrency exchange also received Financial Services Permission in November. Other companies that have received ADGM approval include Kraken, UAE-based M2 and Bahrain-based Rain.
Laser Digital’s approval came after the firm received an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). The firm also launched its Bitcoin Adoption Fund last month.
