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The regulatory environment in Dubai is business-friendly and low on taxes, which has already prompted cryptocurrency exchanges like Binance to apply for permits to operate there. Even Bytbit relocated its world office from Singapore to Dubai. And now, Dubai has granted Laser Digital Middle East FZE, a division of the massive financial services company Nomura Holdings Inc., a complete cryptocurrency license, Bloomberg reported.
Noumura Bags A Full Crypto License In Dubai
The Dubai-based digital asset subsidiary of Nomura is planning to kick off over-the-counter trading services and launch digital-asset investment products for institutional investors in the upcoming months, following this approval. This permit, one of the first of its kind since Dubai revamped its digital asset regulations, grants Laser Digital the authority to offer virtual asset broker-dealer and investment management services locally.
Laser Digital’s CEO, Jez Mohideen, is optimistic about the opportunities this will bring, stating the approval “will allow us to innovate in the asset class and come up with products that suit the institutions in the virtual asset space.” The firm selected Dubai as a significant location due to its dedicated virtual asset regulator and the burgeoning cryptocurrency market.
By placing bets on cryptocurrencies, Dubai can also position itself to lead the way as the so-called Web3—the next generation of the internet—becomes a reality. Its stated policies have even made the metaverse a pillar.
Also Read: Bitcoin Takes a Backseat, Ethereum and XRP Dominate Crypto Market: Report
Important Time For Crypto In Dubai
This regulatory green light comes at a pivotal time. Dubai has recently tightened its scrutiny of crypto license seekers in the aftermath of several prominent incidents, including the FTX fallout led by Sam Bankman-Fried. Despite these controversies and the crypto downturn in the past year, financial institutions continue to forge ahead, developing services around digital assets.
For instance, Societe Generale SA became the recipient of France’s first crypto license last month, and asset manager BlackRock Inc. filed an application with the US Securities and Exchange Commission for a bitcoin exchange-traded fund in mid-June. In contrast, Additionally, Binance’s subsidiary became the first exchange in Dubai to be granted Operational Minimum Viable Product status.
Also Read: MicroStrategy Quarterly Earnings: More Bitcoin Buying To Come?
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