In the hustling and bustling of the Global Marketplace, a new entrant is set to make their mark. Laser Digital, the thriving digital arm of the renowned Japanese bank, Nomura, has won an in-principal nod for its operations in Abu Dhabi. The key decision-makers here, the Abu Dhabi Global Market (ADGM), have given the anticipated green signal, setting a precedent for more significant moves in the future.
This approval thrusts Laser Digital into the spotlight of broker-deal services and the management of both digital and traditional assets, hence, providing an exciting amalgamation of old economies with the new. The full Financial Services Permission for Laser Digital, however, is tied to certain conditions, which were deliberately left unspecified in the initial communication.
An issue of the fast-growing number of digital assets firms operating in Abu Dhabi and the UAE comes to light with this development. The engaging macro environment is a clear reflection of the regulatory framework’s transparency and comprehensiveness, which easy becomes a global attraction for digital assets. Earlier this year, the ADGM approved the operations of two smaller virtual asset companies, UAE-based M2 and Bahrain-based Rain, a sign that this space is indeed burgeoning.
The approval from Abu Dhabi comes as a feather in the cap for Laser Digital, as it recently secured an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). Following this, it launched a Bitcoin Adoption Fund and is also part of the Komainu joint venture.
But it’s not all sunshine and rainbows. Critics suggest that despite what appears to be a promising development, an air of uncertainty concerning specific conditions attached to the approval already clouds the excitement. Non-transparent regulations can add to the mistrust in a financial environment that is already not short of skeptics.
The crystal clear mirror of the dynamic crypto marketplace is exhibiting its duality. While we are witnessing a transformative phase unfolding in the crypto world, necessitating more considerable regulatory strategic action, the world of finance continues to tread this path with an eye of caution – dealing with the duality of promise against the undefined threats. The unfolding story of Laser Digital and its Abu Dhabi operation represents this dichotomy, shining a light on the two ends of the vibrant crypto-spectrum.
Source: Cointelegraph
