The digital asset division of the Japanese brokerage
group Nomura has obtained a license to offer crypto services in the United Arab
Emirates (UAE). The company is the latest among several other digital asset firms to
obtain a license in the country.
Laser Digital was awarded an operating license by Dubai’s Virtual Asset Regulatory Authority (VARA) as
the final stage in the licensing of cryptocurrency businesses in the country. The new license allows
the company to offer broker-dealer, management, and investment services in virtual assets.
Jez Mohideen, the CEO of
Laser Digital, said: “We are very grateful to the 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. With the license now in place, we are looking forward to Laser’s growth
over the coming years.”
Laser Digital has
completed all the steps in the approvals for digital asset
services in the UAE. This year, Dubai issued a mandatory requirement for the licensing of cryptocurrency service providers. Some of the requirements include
compliance with cybersecurity and risk management controls. The rules cover the
issuance, advisory, custody, and exchange services for digital assets.
In the UAE,
cryptocurrency regulations fall under the purview of the Virtual Asset
Regulatory Authority (VARA). The entity was created in 2022 as part of the
steps to make the UAE a crypto hub and to attract crypto and blockchain
companies.
Binance, OKX, and Bitget
Finance Magnates
reported yesterday (Monday) that Binance FZE, the crypto exchange’s subsidiary
in the UAE, had received a Minimum Viable Product (MVP) license
from the VARA. The license enables the company to offer virtual asset exchange
and broker-dealer services for institutional and retail clients.
The other cryptocurrency
exchanges that have received
a license to operate in
the UAE are Crypto.com, OKX, Bitget, and ByBit. Crypto.com was awarded a
preparatory license in March, the second stage in obtaining a license for crypto services in the
UAE. For a cryptocurrency business to be fully licensed in the UAE, it must obtain
a provisional, preparatory, and operating license.
However, the VARA has
withdrawn licenses from some cryptocurrency companies operating in the country. The regulator suspended
BitOasis’ license last month for allegations of non-compliance. BitOasis was awarded a Minimum Viable Product (MVP)
license in the UAE on April 12.
The digital asset division of the Japanese brokerage
group Nomura has obtained a license to offer crypto services in the United Arab
Emirates (UAE). The company is the latest among several other digital asset firms to
obtain a license in the country.
Laser Digital was awarded an operating license by Dubai’s Virtual Asset Regulatory Authority (VARA) as
the final stage in the licensing of cryptocurrency businesses in the country. The new license allows
the company to offer broker-dealer, management, and investment services in virtual assets.
Jez Mohideen, the CEO of
Laser Digital, said: “We are very grateful to the 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. With the license now in place, we are looking forward to Laser’s growth
over the coming years.”
Laser Digital has
completed all the steps in the approvals for digital asset
services in the UAE. This year, Dubai issued a mandatory requirement for the licensing of cryptocurrency service providers. Some of the requirements include
compliance with cybersecurity and risk management controls. The rules cover the
issuance, advisory, custody, and exchange services for digital assets.
In the UAE,
cryptocurrency regulations fall under the purview of the Virtual Asset
Regulatory Authority (VARA). The entity was created in 2022 as part of the
steps to make the UAE a crypto hub and to attract crypto and blockchain
companies.
Binance, OKX, and Bitget
Finance Magnates
reported yesterday (Monday) that Binance FZE, the crypto exchange’s subsidiary
in the UAE, had received a Minimum Viable Product (MVP) license
from the VARA. The license enables the company to offer virtual asset exchange
and broker-dealer services for institutional and retail clients.
The other cryptocurrency
exchanges that have received
a license to operate in
the UAE are Crypto.com, OKX, Bitget, and ByBit. Crypto.com was awarded a
preparatory license in March, the second stage in obtaining a license for crypto services in the
UAE. For a cryptocurrency business to be fully licensed in the UAE, it must obtain
a provisional, preparatory, and operating license.
However, the VARA has
withdrawn licenses from some cryptocurrency companies operating in the country. The regulator suspended
BitOasis’ license last month for allegations of non-compliance. BitOasis was awarded a Minimum Viable Product (MVP)
license in the UAE on April 12.
