Laser Digital Secures Financial Services Permission from FSRA
- Business Companies Regional World
Global Business Magazine- 4 minutes read
Laser Digital (AD) Limited, a subsidiary of Nomura Gruoup, said that it has received Financial Services Permission (FSP) from the Financial Services Regulatory Authority of Abu Dhabi completing its licencing process with Abu Dhabi Global Market (ADGM).
The licence has solidified Laser Digital’s its place in the ADGM and can offer full digital asset services to clients in the UAE. The licence also allows Laser Digital to provide broker-dealer services and asset/fund management services in and from ADGM, in relation to both virtual assets and traditional assets. Jez Mohideen leads Laser Digital’s UAE entity with Ramin Shayesteh as Head of Distribution.
Jez Mohideen, CEO of Laser Digital said that this was a significant milestone, and his company was eager to contribute responsibly to the virtual asset industry in the UAE.
“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,” Mohideen added.
Arvind Ramamurthy, Chief of Market Development at ADGM said that they were delighted to welcome Laser Digital as ADGM has been expanding its financial community to include partners such as Laser, whose offerings align with ADGM and the FSRA’s international best practices and progressive regulatory ecosystem.
Many Hurdles
According to a report in CoinGeek, the road to receiving a license has not been smooth sailing for Laser Digital with the company dealing with heightened regulatory scrutiny and a changing playbook for digital asset service providers.
In 2023, Laser Digital clinched an in-principle approval from the FSRA, allowing it to offer broker-dealer services with certain limitations pending full approval. After proceeding with limited services for nearly one year and meeting the requirements of the regulator, the firm is now one step closer to its expansionist goals.
With registration in Dubai and Abu Dhabi firmly under its belt, the company has its sights in Japan and several European and Southeast Asian countries. Apart from its regulatory wins in different jurisdictions, Laser Digital is racking up points in venture funding with over four investments in the last two months, the report said.
UAE Beckons Digital Asset Firms
The report also said that since 2022, several global digital asset service providers have been scrambling to set up operations in the oil-rich country, buoyed by several factors. At the top of the list appears to be Dubai’s crystal-clear regulations, an active regulator, and support for local and international service providers.
Other perks include tax benefits, access to Web3 funds, cross-industry dialogue, and public-private sector collaboration. OKX has since obtained a license to offer virtual asset services to UAE residents through a licensing process that is described as fair and transparent.
