Laser Digital, a Japanese Nomura Bank’s digital assets arm, has been granted an In-Principle Approval (IPA) by Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) to provide asset/fund manager services and broker-dealer-services in the region.
The Abu Dhabi based financial free zone covers an area of nearly 15 square kilometers on two islands, with an own court, registration office and regulatory agency. This latest development of Laser Digital’s approval follows three weeks after Standard Chartered-backed Zodia Markets also received its approval, as well as Binance’s In-Principle Approval in June last year.
As Abu Dhabi’s global hub for digital assets, other ADGM-approved companies include KrakenM2 and Bahrain-based Rain. Laser Digital has also received an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA) and launched its Bitcoin Adoption Fund last month.
According to ADGM’s Jez Mohideen, “Their comprehensive and clear regulatory framework is creating a global hub for digital assets that we are delighted to be joining.” Although the announcement did not specify the conditions for the approval, Laser Digital offers a variety of services to the users in the area.
This news is worth commenting upon, as it means that users can now operate in Abu Dhabi if they meet the conditions set out in the current approval. Furthermore, a full refund is available if they qualify.
