• Laser Digital Middle East FZE, a subsidiary of Nomura Holdings Inc., has secured a Virtual Asset Service Provider (VASP) license in Dubai.
• The firm will offer OTC digital asset investment and trading products to institutional investors in the region.
• Other crypto-centric firms have also entered the market, including Binance’s local unit and ATFX and CMC Markets.
Nomura Holdings Inc.’s subsidiary, Laser Digital Middle East FZE, has received approval from Dubai’s financial regulator for a Virtual Asset Service Provider (VASP) license. The firm will now be able to offer over-the-counter (OTC) digital asset investment and trading products to institutional investors in the region.
To obtain its license, Laser Digital completed a four-step regulatory assessment process that required stringent rules outlining cybersecurity, compliance, and risk management standards. CEO Jez Mohideen stated that the process provides investors with assurance when engaging with this asset class.
Dubai is gradually becoming an attractive destination for more cryptocurrency firms seeking to enter the market. Binance’s local unit recently secured its MVP operational permit while ATFX and CMC Markets have also established their presence in the city-state.
In other news related to cryptocurrency regulation, the U.S Internal Revenue Service (IRS) recently declared staking as a taxable event requiring holders of digital assets to pay taxes on their rewards earned through staking activities. Read more about it here: ‘Stake and Pay’: IRS Declares Staking a Taxable Event
Canada’s Financial Regulator recently proposed new rules regarding crypto exposure which aim at providing clarity for businesses operating within the country’s regulated markets using cryptocurrencies or other digital assets as part of their operations. Learn more by reading Canada’s Financial Regulator Proposes Rules for Crypto Exposure