Laser Digital, the digital currency subsidiary of Japan-based Nomura (NASDAQ: NRSCF) , has confirmed the receipt of an operating license from Dubai’s regulator after several months of horse-trading with the authorities.
In an announcement, Laser Digital said it received the license from Dubai’s Virtual Asset Regulatory Authority (VARA). This move will see the company expand the scope of its offering.
Laser Digital has received a virtual asset service provider (VASP) license, enabling it to provide broker-dealer services within Dubai’s digital currency ecosystem. Additionally, the company revealed plans to offer digital asset management and investment services to residents of Dubai.
“We are very grateful to 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,” said Jez Mohideen, CEO of Laser Digital.
Per the statement, Laser Digital will place a premium on institutional investors, offering over-the-counter (OTC) trading services. Laser Digital confirms that it will unveil a “comprehensive range” of digital asset services for its growing client base before the end of the year.
“With the license now in place, we are looking forward to Laser’s growth over the coming years,” added Mohideen.
In a strong show of intent, Laser Digital acquired trading solutions company Elysium Technology Group in June, a move hailed as a “significant milestone” for both entities, providing institutional investors with cross-asset post-trade capabilities.
After receiving the license, Laser Digital invested considerable sums in the decentralized finance (DeFi) protocol Infinity Exchange and digital currency exchange CrossX.
Launched in September 2022 amid a global digital asset meltdown, Laser Digital has braved several challenges to receive its license, including a heightened scrutiny by VARA.
VARA has a tight leash on the industry
VARA has tightened its monitoring of the sectors to prevent a repeat of the collapses that rocked the digital currency industry. The firm released full market regulation for digital assets in February, spanning licensing, advertising, and banning privacy coins.
Despite the tight leash, several global firms have obtained preparatory licenses, but the regulator has repeatedly warned that it reserves the right to suspend issued privileges. In July, VARA suspended BitOasis’ license over non-compliance with laid down rules, prompting the exchange to reopen talks with the regulator.
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