Nomura’s Laser Digital Licensed to Operate in Dubai

• Laser Digital Middle East FZE, a subsidiary of Nomura Holdings Inc., has secured a Virtual Asset Service Provider (VASP) license to offer asset management and virtual asset broker-dealer services in Dubai.
• The company will be permitted to provide over-the-counter (OTC) digital asset investment and trading products to institutional investors in the region.
• Dubai is gradually nurturing its ambition of becoming a giant fintech hub in the region by welcoming crypto-centric firms like Binance, ATFX, and CMC Markets.

Laser Digital Approved for Operations in Dubai

Nomura’s subsidiary, Laser Digital Middle East FZE, has received approval from Dubai’s regulatory body to operate as a Virtual Asset Service Provider (VASP). This license allows Laser Digital to offer asset management and virtual asset broker-dealer services in the area.

Laser Digital Services

With this license now in place, Laser Digital can provide over-the-counter (OTC) digital asset investment and trading products to institutional investors located within the region. CEO Jez Mohideen commented on the approval stating that „VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class.“

Dubai as Crypto Hub

As one of the most populous jurisdictions of United Arab Emirates (UAE), Dubai is working towards becoming a leading fintech hub within the Middle East. Binance’s local unit was recently granted an MVP operational permit which falls short of full licensing requirements but allows them to start operations within the region. Other crypto-centric firms such as ATFX and CMC Markets have also moved into Dubai due to its favorable regulations regarding cryptocurrency investments.

IRS Taxation of Staking Rewards

The US Internal Revenue Service (IRS) has declared staking rewards as taxable events meaning that those who receive staking rewards must pay taxes accordingly. For more information on IRS taxation rules regarding staking rewards please refer here: ‘Stake and Pay’: IRS Declares Staking a Taxable Event .

Canada’s Crypto Regulations

Canada’s financial regulator has proposed certain guidelines for cryptocurrency exposure which can be found here: Canada’s Financial Regulator Proposes Rules for Crypto Exposure . These guidelines are meant to protect consumers while encouraging innovation within Canada’s blockchain space.