Nomura’s crypto arm secures Abu Dhabi license
Nomura’s digital assets subsidiary Laser Digital has received In-Principal Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The formal regulatory licensing is contingent upon fulfilling certain conditions set out in the IPA.
Once these conditions are met, Laser Digital will be granted Financial Services Permission to offer broker-dealer services and asset/fund management services for both virtual assets and traditional assets.
Laser Digital said it selected Abu Dhabi as its destination due to ADGM’s progressive and transparent regulatory approach, which emphasizes cross-industry dialogue and collaboration with various sector players, including the digital asset sector.
Founded by Steve Ashley and Jez Mohideen, Laser Digital was launched by Nomura last autumn. It operates from Switzerland, with offices in the UAE and the UK, combining the expertise of global investment banking with the experience of a team well-versed in the world of cryptocurrencies. In the UAE, Jez Mohideen leads Laser Digital, with Cameron Dickie serving as Head of Distribution.
Commenting on Laser Digital’s addition to ADGM’s ecosystem, Arvind Ramamurthy, Chief of Market Development at ADGM said, “We are delighted that Laser Digital has been granted an ‘In Principal Approval’ for their virtual asset management services. Laser is developing investment services in virtual assets that are both dynamic and transparent, and their investment offerings align well with ADGM and the FSRA’s international best practices and progressive regulatory ecosystem. We welcome them to our robust and vibrant financial community.”
Jez Mohideen, CEO of Laser Digital added: “We are very grateful to have the opportunity to set up operations in ADGM; their comprehensive and clear regulatory framework is creating a global hub for digital assets that we are delighted to be joining.”
Nomura is Japan’s biggest brokerage and investment bank with assets totaling over $500 billion. The news comes at a time when both start-ups and major financial institutions are rushing to get new crypto tools to Main Street investors.
Back in 2020, Nomura has gone live with its own cryptocurrency custody service for institutions in partnership with blockchain security firm Ledger and the fund manager CoinShares. The joint venture, named Komainu, secured regulatory approvals from the Jersey Financial Services Commission.
Komainu was first announced in 2018 to overcome barriers to institutional investment in digital assets through a compliant platform powered by a bespoke environment created by Ledger, creators of the Nano S wallet. The venture provides infrastructure and an operational framework to the wider investment management industry and enables investors to embed a set of best practice standards within their businesses.
In addition to Nomura’s vast experience, the parent company behind CoinShares, Global Advisors, has a wealth of experience in commodity trading, hedge funds, FX trading and exchange-traded products.
