Laser Digital Secures In-Principal Approval from Abu Dhabi Global Market

Key Takeaways

Laser Digital, a subsidiary of Nomura, receives In-Principal Approval from Abu Dhabi Global Market's Financial Services Regulatory Authority.

The approval paves the way for Laser Digital to offer broker-dealer and asset management services in the UAE, subject to certain conditions.

Abu Dhabi was chosen for its progressive regulatory environment, particularly in the digital asset sector.

Regulatory Milestone

Laser Digital, the digital asset subsidiary of Nomura, announced on September 26, 2023, that it has obtained In-Principal Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The IPA is a significant step toward formal regulatory licensing, which will be granted once Laser Digital meets specific conditions. Upon fulfilling these conditions, the company will be authorized to provide broker-dealer services and asset/fund management services related to both virtual and traditional assets in the United Arab Emirates (UAE).

Strategic Choice of Location

The decision to establish operations in Abu Dhabi was influenced by ADGM's forward-thinking and transparent regulatory framework. ADGM has been proactive in fostering cross-industry dialogue and collaboration, making it an attractive destination for companies in the digital asset sector, such as Laser Digital.

Leadership and Operations

Laser Digital was co-founded last autumn by Steve Ashley, former head of Nomura's wholesale division, and Jez Mohideen, Nomura’s ex-Chief Digital Officer. The company is headquartered in Switzerland and has additional offices in the UAE and the UK. Jez Mohideen leads the UAE entity, with Cameron Dickie serving as Head of Distribution.

Industry Reactions

Arvind Ramamurthy, Chief of Market Development at ADGM, welcomed Laser Digital's addition to their financial ecosystem. He stated, "Laser is developing investment services in virtual assets that are both dynamic and transparent. Their investment offerings align well with ADGM and the FSRA's international best practices."

Jez Mohideen, CEO of Laser Digital, expressed gratitude for the opportunity to operate in ADGM, citing its "comprehensive and clear regulatory framework."

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