- Dubai’s regulatory body VARA has awarded its operating license to Laser Digital, a subsidiary of Nomura Holdings.
- CEO Jez Mohideen and the team expressed their excitement at this new development.
- Binance announced yesterday that it secured an Operational MVP License from Dubai’s VARA.
Laser Digital, a subsidiary of Nomura Holdings, has received a full crypto license (VASP license) in Dubai. The license is issued by Dubai’s regulatory body known as the Virtual Asset Regulatory Authority (VARA).
The team at Laser Digital expressed their excitement at the awarding of the license. “VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class,” stated CEO Jez Mohideen. He also added that the license will now allow them to innovate in the asset class and come up with products that suit the institutions in the virtual asset space.
Laser Digital is a digital asset business backed by Nomura. The company states on its website that it delivers scalable, robust opportunities across trading, asset management, and ventures.
In related news, Binance announced yesterday that it secured an Operational MVP License from Dubai’s VARA and that it was the first exchange to receive this license. The Operational MVP license permits the exchange to provide services in Dubai approved by VARA. This includes exchange and broker-dealer services, initially to institutional and qualified retail investors.
However, the VARA suspended the conditional license of BitOasis for failing to comply with the regulatory requirements under the provisions of the VARA. However, BitOasis informed its users that it did not impact their ability to continue to provide broker-dealer services to its existing retail users but could not take on new clients. The exchange is now working with the VARA to rectify this issue.
Established in March 2022, the Dubai Virtual Assets Regulatory Authority (VARA) was created to set a regulatory framework for businesses that operate in the field of virtual assets. Though Dubai is famously known as a global crypto hub and a safe haven for those fleeing from tight regulatory spaces, the VARA helps the country keep a close eye on the crypto operations within the nation.
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