Nomura’s move to launch virtual assets and brokerage services in Dubai comes at an opportune time, given the increasing demand and interest in digital assets among institutional and retail investors worldwide.
On Monday, Nomura, one of Asia’s largest financial services groups, announced that it has obtained a full license from the Dubai Financial Services Authority (DFSA) for Virtual Asset (VARA) services. This license is expected to expand Nomura’s presence in the Middle East region.
Established in 2022, Nomura’s digital currency subsidiary, Laser Digital, offers scalable and robust opportunities for trading, asset management, and projects. With this license, the company will provide virtual asset brokerage services and virtual asset management and investment services to institutional and professional investors in Dubai.
Furthermore, users will have the ability to assess decentralized trading of digital currencies and other investment products. Likewise, financial institutions will have access to decentralized trading services and a wide range of digital asset investment solutions.
According to Arif Amiri, CEO of Dubai International Financial Centre, “We are pleased to see Nomura’s growth plans thrive in the Dubai International Financial Centre and Dubai, and the region.”
The CEO of Laser Digital, Jez Mahiddin, expressed gratitude for obtaining the license, stating, “VARA’s comprehensive and consultative process provides institutional investors with the assurances they need to participate in this asset class. With the license now in place, we look forward to Laser’s growth in the coming years.”
The global cryptocurrency ownership rate stands at 4.2%, with over 420 million digital currency users worldwide. The United Arab Emirates ranks among the most cryptocurrency-friendly countries.
This is not the first time Nomura has operated in Dubai. In 2018, they began offering regulated digital asset custody in partnership with Coinshare and Ledger. In July, the company announced the launch of its international wealth management business in Dubai, obtaining a license from the Dubai Financial Services Authority (DFSA) to manage this activity.
In addition to Nomura, several other exchanges are in different stages of obtaining their licenses in Dubai. Yesterday, Binance received an operational license in Dubai and is on track to secure full approval in the city after obtaining preliminary approval last year. Similarly, Crypto.com and OKEx are in different stages of completing their applications to comply with local regulators.