Laser Digital Receives Financial Services Permission from ADGM’s Financial Services Regulatory Authority
Laser Digital (AD) Limited is pleased to announce the approval of its Financial Services Permission (FSP) by the Financial Services Regulatory Authority of Abu Dhabi. This milestone completes Laser Digital’s licensing process within Abu Dhabi Global Market (ADGM).
The FSP allows Laser Digital to offer broker-dealer services and asset/fund management services within and from ADGM, covering both virtual assets and traditional assets. Leading Laser Digital’s UAE entity is Jez Mohideen, with Ramin Shayesteh serving as Head of Distribution.
Jez Mohideen, CEO of Laser Digital, commented on the achievement, stating, “Our team at Laser is delighted with this significant milestone. We are committed to contributing responsibly to the UAE’s virtual asset industry, maintaining the highest standards of compliance and regulation at ADGM. We look forward to enhancing ADGM’s ecosystem with our offerings.”
Arvind Ramamurthy, Chief of Market Development at ADGM, also remarked on the approval, saying, “We are delighted to welcome Laser Digital into our financial community. Laser’s services are in line with ADGM and FSRA’s international best practices, reinforcing ADGM’s reputation as a forward-thinking regulatory environment.”
This approval positions Laser Digital to effectively cater to the needs of investors and stakeholders in the MENA region and beyond, strengthening its role in ADGM’s financial services sector.
VARA Grants VASP License to Laser Digital Middle East FZE
Earlier on August 1st, 2023, the Virtual Asset Regulatory Authority (VARA) of Dubai granted Laser Digital Middle East FZE, Nomura’s Dubai-based digital asset subsidiary, a VASP license.
Aspen Digital Receives In-Principle Approval from ADGM
In other related news, Hong Kong-headquartered fintech Aspen Digital has received an in-principle approval (IPA) from the FSRA to carry out regulated activities in Abu Dhabi Global Market (ADGM). Subject to final regulatory approval, Aspen Digital will be licensed to provide financial services out of ADGM and expand its product offering within the rapidly growing digital asset ecosystem in the Middle East.
The IPA marks a significant milestone for Aspen Digital’s expansion plans in the region. The comprehensive regulatory framework under the FSRA aligns with the platform’s future, enabling Aspen Digital to serve private wealth clients through a one-stop solution for alternative digital asset allocations.
Founded in 2021 under Everest Ventures Group (EVG) and backed by prominent investors, Aspen Digital continues to lead as a digital asset technology platform for family offices, ultra-high-net-worth individuals (UHNWIs), and wealth managers.
