Nomura crypto arm locks down full license in Dubai

Laser Digital, which was created last September, is set to roll out crypto services in Dubai in the coming months

article-image

Grisha Bruev/Shutterstock modified by Blockworks

share

Laser Digital, the crypto unit of Japanese bank Nomura, snagged a full crypto license from Dubai’s Virtual Asset Regulatory Authority. 

Dubai issued the license last Thursday, granting Laser Digital the ability to serve both retail and institutional customers.

Now that the company — which is based in Switzerland — is established in the wealthy Middle Eastern city, it plans to launch its trading and digital asset management businesses in the coming months, according to a press release

The company will offer institutional investors “[over-the-counter] trading services and a comprehensive range of digital asset investment products and solutions.”

Nomura is one of Japan’s largest banks and set up Laser Digital last September as its crypto offshoot

In less than a year after its founding, Laser Digital has leapfrogged the world’s largest crypto exchange, Binance, in the race to be fully approved in Dubai. Binance was approved for a operational minimum viable product (MVP) license on Monday, which restricts it from offering its services to all retail investors.

Other more recent registrants in Dubai include crypto exchanges Bybit and OKX. Komainu also received full approval in May 2023 to offer custody and financing services to qualified institutional and retail clients, after gaining provisional approval last July.

Dubai’s interest in digital assets is nothing new. At the start of 2023, Dubai announced that it had attracted more than 500 crypto companies — in part because of the generous tax breaks it offers through its Dubai Multi Commodities Center, a dedicated hub for local crypto entrepreneurs.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

The marketplace, which is not yet live, will have validators bid for delegation from some staked solana

article-image

Non-US investors have a new way to access RWA-focused tokens

article-image

Tokenized RWAs might not sound sexy, but there’s no doubting the demand

article-image

Gary Gensler’s SEC won’t sue Consensys over Ethereum’s potential status as a security after all

article-image

The QT taper begins this month…but what does that mean for markets?

article-image

Plus, the rise of RWAs could bring about a significant shift in how real-world investments are managed and accessed