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.
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.
“VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class,” said Mohideen.
Earlier, Laser Digital reported that it has acquired Elysium Technology Group, a leading provider of post-trade solutions for over-the-counter (OTC) foreign exchange (FX) and digital assets.
Laser Digital went on to say that the company will be renamed Elysium LD Technology, Inc., operating as an affiliate of Laser Digital and will continue to grow its FX and digital asset product lines and client base.
“Founded in 2007 by ex-UBS executives Andy Siciliano and Ed Mount, along with tech pioneers Mark Rosenfeld and Lo Shih, Elysium is an innovator of post-trade solutions for the foreign exchange industry,” said Laser Digital. “This strategic acquisition marks a significant milestone for both companies as they join forces to bring cross-asset post-trade capabilities to institutional digital asset investors.”
According to the Laser Digital website, Elysium Technology Group has been an established and trusted leader in post-trade solutions over the past decade, particularly in the OTC FX market. “With its proven track record, Elysium brings a wealth of expertise, experience, and technological advancements to the digital asset landscape,” said Laser Digital.
Produced in association with Benzinga
Edited by Priscilla Jepchumba and Judy J. Rotich
