Nomura Bank’s Laser Digital receives approval in Abu Dhabi.

Nomura Bank's Laser Digital receives approval in Abu Dhabi.

Blockchain Industry in Abu Dhabi: Laser Digital Receives Approval

Laser Digital in Abu Dhabi

Laser Digital, the digital assets arm of Japan’s Nomura Bank, has recently received in-principal approval to provide broker-dealer services and asset/fund management services in Abu Dhabi. This approval, granted by the Abu Dhabi Global Market (ADGM), allows Laser Digital to offer numerous services to users in the region. The firm’s successful venture into Abu Dhabi marks another significant milestone for the growing blockchain industry in the capital of the United Arab Emirates (UAE).

Abu Dhabi’s Growing Appeal as a Blockchain Hub

Abu Dhabi has been successfully positioning itself as an international financial free zone, attracting numerous blockchain companies from around the world. With a comprehensive and clear regulatory framework, the ADGM has established itself as a leading global hub for digital assets. The financial free zone spans across nearly 15 square kilometers, encompassing two islands and consisting of a registration authority, regulatory authority, and a court. This well-defined ecosystem provides the necessary infrastructure and support for blockchain companies to thrive.

Laser Digital’s Path to Approval

Laser Digital’s approval comes hot on the heels of other crypto companies gaining regulatory approval in Abu Dhabi. Standard Chartered-backed Zodia Markets secured approval to serve as a crypto broker in the region just three weeks before Laser Digital. Furthermore, industry giants like Binance, Kraken, and UAE-based M2, along with Bahrain-based Rain, have also received ADGM approval.

In Laser Digital’s case, their journey towards approval began with obtaining an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). This license, along with the recent approval from ADGM, allows Laser Digital to establish a strong foothold in the UAE’s burgeoning blockchain market.

The Impact of Laser Digital’s Approval

Laser Digital’s entry into Abu Dhabi signifies the growing trust and recognition of the blockchain industry in the region. As Laser Digital’s CEO Jez Mohideen puts it, “Their comprehensive and clear regulatory framework is creating a global hub for digital assets that we are delighted to be joining.” This sentiment reflects the confidence and optimism surrounding Abu Dhabi’s blockchain ecosystem.

The approval granted to Laser Digital is currently in principle, meaning the firm must still meet certain conditions to receive full Financial Services Permission. Although the specific conditions were not disclosed in the announcement, this represents a significant step towards Laser Digital’s complete operational launch in the UAE.

Conclusion

Laser Digital’s approval to operate in Abu Dhabi demonstrates the impressive growth and development of the blockchain industry in the region. Abu Dhabi’s strategic location, along with its robust regulatory framework, has attracted major players in the cryptocurrency space. With each approval granted, the foundation for a thriving blockchain ecosystem in Abu Dhabi strengthens. As more companies like Laser Digital join the fold, the UAE’s capital further solidifies its position as a leading global hub for digital assets.