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Financial behemoth Nomura's (NYSE:NMR) digital asset subsidiary, Laser Digital, has secured an operating license from Dubai's Virtual Asset Regulatory Authority (VARA).
This marks the culmination of the licensing process, according to a company announcement on Tuesday.
With its base in the emirate, Laser Digital Middle East is now authorized to provide virtual asset (VA) broker-dealer services and VA management and investment services, having successfully navigated all four stages of the licensing process.
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Earlier this year, Dubai launched a licensing program, with firms such as Crypto.com and OKX on their way to full approval.
Notably, Binance (CRYPTO: BNB), the world's leading crypto exchange, obtained a license to operate in Dubai in July.
Laser Digital intends to kick-start its trading and asset management operations in the upcoming months, offering over-the-counter (OTC) trading services and an array of digital asset investment products.
Laser Digital CEO Jez Mohideen praised VARA's comprehensive and consultative process, stating,
"VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class," Coindesk quoted Mohideen as saying.
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Image: Pixabay
