The Dubai-based subsidiary of a major Japanese finance firm announced on Tuesday that it had received permission to conduct cryptocurrency services in the United Arab Emirates’ largest city, further strengthening the Gulf state's crypto sector.
Laser Digital Middle East FZE received operating license approval from Dubai’s Virtual Asset Regulatory Authority (VARA). It will allow the company to conduct broker-dealer services as well as virtual asset management and investment services, Laser Digital said in a press release.
Laser Digital is a subsidiary of Nomura, a Japan-based financial services group.
Why it matters: The UAE established VARA in 2022 to provide a regulatory framework for cryptocurrency, non-fungible tokens and other virtual assets. The Gulf state is seeking to attract cryptocurrency companies as part of its economic diversification plans.
