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ADGM FSRA: 26 September 2023
Disclaimer: This is an external communication and is not an official statement or announcement from ADGM.
Laser Digital, Nomura’s digital asset subsidiary, announces today that it has been granted In-Principal Approval (IPA) by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), with formal regulatory licensing subject to the fulfilment of a number of conditions. When all IPA conditions are fulfilled, Laser Digital will be granted the Financial Services Permission to provide broker-dealer services and asset/fund management services in relation to virtual assets and traditional assets.
Laser Digital chose Abu Dhabi as its destination of choice due to ADGM’s progressive and transparent approach to regulation, based on strong cross-industry dialogue and collaboration with different sector players including the digital asset sector.
Laser Digital was launched last autumn by Nomura and was co-founded by Steve Ashley, who previously led Nomura's wholesale division, and Jez Mohideen, who was Nomura’s Chief Digital Officer and Co-Head of Global Markets EMEA. Headquartered in Switzerland, with offices in the UAE and the UK, Laser Digital combines the rigor, best practices, and capabilities of global investment banking with the experience of a crypto-native team. Jez Mohideen leads Laser Digital’s UAE entity with Cameron Dickie as Head of Distribution.
Commenting on Laser Digital’s addition to ADGM’s ecosystem, Arvind Ramamurthy, Chief of Market Development at ADGM said, “We are delighted that Laser Digital has been granted an ‘In Principal Approval’ for their virtual asset management services. Laser is developing investment services in virtual assets that are both dynamic and transparent, and their investment offerings align well with ADGM and the FSRA's international best practices and progressive regulatory ecosystem. We welcome them to our robust and vibrant financial community.”
Jez Mohideen, CEO of Laser Digital added: “We are very grateful to have the opportunity to set up operations in ADGM; their comprehensive and clear regulatory framework is creating a global hub for digital assets that we are delighted to be joining.”
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