In the wake of Binance’s recent virtual asset exchange approval in Dubai, the United Arab Emirates (UAE) has taken another significant step towards establishing itself as a leading hub for digital assets. Nomura Holdings has been granted a comprehensive crypto license for its subsidiary, Laser Digital Middle East FZE by the Dubai government.

This significant development has not only reaffirmed Dubai’s commitment to regulating digital assets but also highlights the emirate’s foresighted approach to embracing financial innovation.

Nomura Expanding Services And Innovation

The permit, one of the first of its kind granted by the Dubai government, provides Laser Digital with the authority to offer virtual asset brokerage and investment management services locally.

In addition to obtaining the permit, the company has plans to extend its offering to institutional investors with digital-asset investment products and over-the-counter trading services within the next few months.

Related Reading: Dubai Regulators Cancel BitOasis License – Here’s Why

The acquired license is said to substantially enhance Laser Digital’s capacity to develop innovative products tailored to the virtual asset market. According to Jez Mohideen, CEO of Laser Digital, the approval will facilitate the company to innovate in the asset class and deliver products that resonate with institutions in the digital asset space.

Established in the fall of 2022, Laser Digital is a Switzerland-based organization with offices in London and Dubai and Mohideen said the company elected Dubai as one of its locations due to the emirate’s proactive regulatory environment and its expanding crypto market.

Further Innovation In The Crypto Space

It is worth noting that Mohideen believes the approval will fuel innovation in the asset class and pave the way for tailor-made products for institutions in the virtual asset arena.

His sentiments echo those of Binance, which, upon securing its license, highlighted Dubai’s active role in the integration and promotion of blockchain technology as well as how it has resulted in the growth of a flourishing industry

The exchange noted in an announcement:

The UAE’s embrace of blockchain technology has created a thriving industry with security and innovation as complementary assets at its core. We believe its vision for this space will set precedents for the global industry.

Furthermore, with both Nomura’s Laser Digital and Binance armed with operating licenses in Dubai, the region appears primed to become an even more significant hub in the global cryptocurrency landscape. These approvals underscore the Emirate’s commitment to embracing digital innovation, fostering a competitive environment that could drive further growth in the crypto market.

Regardless of Nomura Holdings’ recent Dubai license approval, the company’s stock has seen a bearish trend over the past day. Particularly, Nomura Holdings stock with the ticker NMR has plunged by nearly 1% with a current market price of $4.18 at the time of writing.

Featured image from Unsplash, Chart from TradingView