Laser Digital, the digital assets arm of the Nomura Bank, has been granted in-principal approval by Abu Dhabi Global Market, to provide multiple forms of broker-dealer services, as well as asset/fund management services to both traditional and digital assets, according to an ADGM communication that took place on the 26th September.
The company will be receiving full financial services permission in order to operate after fulfilling the conditions that had been specified in the current approval. The conditions were not really specified in the communication. Jez Mohideen, the CEO of the company stated that the clear and comprehensive regulatory framework of the company was all about creating a global hub for digital assets- something that the company wanted to be a part of.
Laser Digital Receives Approval To Work In ADGM
For those wondering, the ADGM is an international financial free zone located in Abu Dhabi, which is the capital of the UAE. The ADGM does occupy around 15 square kilometers across a couple of islands and also consists of a registration authority, regulatory authority, as well as a court that applies some form of common law. Binance had also received in-principal approval to operate in this area back in April 2022 and had also received financial services permission in November. Kraken had also received some form of permission to operate in this region in 2022.
The initial approval in Abu Dhabi comes just a few months after Laser Digital received an operating license from Dubai’s Virtual Asset Regulatory Authority. It also put out a Bitcoin Adoption Fund in August. The company was created in September 2022.