Nomura's cryptocurrency division, Laser Digital Limited, has secured a pivotal broker license from Abu Dhabi, underscoring its expansion into the region driven by the area's forward-thinking crypto regulations. The Financial Services Regulatory Authority of Abu Dhabi has formally granted Laser Digital a Financial Services Permission (FSP) license, completing a rigorous approval process within the Abu Dhabi Global Market (ADGM).

This newly acquired license empowers Laser Digital to offer a spectrum of financial services encompassing broker-dealer functions, asset management, and fund management for both traditional and digital assets throughout the region. CEO Jez Mohideen emphasized the significance of this achievement, stating, "We are excited to responsibly contribute to the virtual asset industry in the UAE. Upholding the highest compliance standards has always been paramount to us at ADGM, and we eagerly anticipate integrating into ADGM’s ecosystem."

Laser Digital's journey to securing operational clearance in Abu Dhabi began nearly nine months ago when it initially received in-principal approval from ADGM in September 2023. The decision to establish a foothold in Abu Dhabi was driven by the jurisdiction's progressive regulatory environment tailored to foster innovation in the digital asset sector. Mohideen elaborated, "Abu Dhabi stood out due to ADGM’s transparent and progressive regulatory framework, underpinned by robust dialogue and collaboration across various industries."

ADGM’s commitment to nurturing innovation is evident in its welcoming stance towards Laser Digital and other forward-looking crypto enterprises. Arvind Ramamurthy, Chief of Market Development at ADGM, expressed enthusiasm about Laser Digital's entry, affirming, "We are pleased to welcome Laser Digital as part of our expanding financial community. Their offerings align with ADGM’s commitment to international best practices and a progressive regulatory landscape."

The UAE, spearheaded by Abu Dhabi, is positioning itself as a burgeoning global hub for cryptocurrency activities, leveraging its innovation-friendly policies. Recently, the Central Bank of the UAE introduced a pioneering stablecoin licensing and monitoring system on June 5, further bolstering the region's attractiveness to crypto service providers and Web3 companies.

In a parallel development, QCP Capital, a prominent crypto options trading platform based in Singapore, secured in-principle approval from ADGM in early May, marking a milestone as the first Singaporean crypto market maker and broker to achieve preliminary licensing in Abu Dhabi. Likewise, Chainalysis, renowned for its on-chain security solutions, established its regional headquarters in Dubai on May 8, following extensive engagement with local authorities to shape regulatory frameworks conducive to innovation in the crypto sector.

The UAE's regulatory strides have also attracted major players like Binance, the world’s largest crypto exchange by volume, which obtained a Virtual Asset Service Provider license in Dubai in April. This move followed strategic initiatives such as ADGM's memorandum of understanding with the Solana Foundation in February, aimed at advancing the development of distributed ledger technology within the region. These initiatives collectively underscore Abu Dhabi’s emergence as a pivotal global center for crypto innovation and regulatory best practices.