Nomura’s Laser Digital Obtains License to Operate in Dubai

• Laser Digital Middle East FZE, a subsidiary of Nomura Holdings Inc., has been granted a Virtual Asset Service Provider (VASP) license to provide OTC digital asset investment and trading products in Dubai.
• The license was approved after a four-stage regulatory assessment process that involves stringent rules about cybersecurity, compliance and risk management standards.
• Dubai is gradually becoming a major fintech hub in the region with other crypto-centric firms such as Binance, ATFX and CMC Markets also entering the market.

Laser Digital Receives License Approval in Dubai

Nomura’s Laser Digital Middle East FZE subsidiary has secured a Virtual Asset Service Provider (VASP) license from Dubai, allowing the firm to offer asset management and virtual asset broker-dealer services in the region. This follows a rigorous four-stage regulatory assessment process that includes stringent rules for cybersecurity, compliance and risk management standards.

OTC Digital Asset Investment & Trading Products

The VASP license will enable Laser Digital to offer over-the-counter (OTC) digital asset investment and trading products to institutional investors based in Dubai. According to CEO Jez Mohideen “With the license now in place, we are looking forward to Laser’s growth over the coming years.“

Dubai Becoming Crypto Hub of Middle East

Dubai is quickly becoming an important hub for cryptocurrency companies within the United Arab Emirates (UAE). Binance’s local unit recently received its MVP operational permit which is one step short of obtaining full licensing rights. Other prominent companies that have entered the market include ATFX and CMC Markets.

Tax Implications of Crypto Staking Rewards

The U.S Internal Revenue Service (IRS) has proposed new guidelines for taxing crypto staking rewards dubbed ‘Stake and Pay’ which would be treated as taxable events by taxpayers. Canada’s financial regulator also proposed new regulations concerning crypto exposure.

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