Japanese financial group Nomura, through its subsidiary Laser Digital, has received a restricted license to trade over-the-counter cryptocurrency derivatives in Dubai. The license was granted under the pilot program of the local regulator VARA, which oversees the digital asset market in the emirate.
According to a statement from Laser Digital, the company is the first in Dubai to receive authorization to offer such services directly to clients. Under VARA’s supervision, the platform is launching OTC crypto options trading, targeting institutional participants.
Terms and Product Structure
Laser Digital will begin with medium-term “vanilla” structures on major cryptocurrencies. Contracts will be structured according to ISDA standards, set by the International Swaps and Derivatives Association. The company emphasizes that it will not offer complex or high-risk products at this initial stage.
Johannes Woolard, Head of Product at Laser Digital, said the choice of a simple structure is a strategic decision. In the future, the platform plans to expand its offerings to include yield-enhancing products, spot trading, and collateralized lending services.
Why Dubai
Woolard pointed out that interest in Dubai as a crypto hub continues to grow. According to him, VARA demands detailed justification for all actions but offers sufficient flexibility once approval is granted. He believes this makes the jurisdiction attractive for international players.
In recent months, Dubai has been strengthening its presence in the crypto market. In June, the DFSA regulator approved Ripple’s stablecoin RLUSD for use in the DIFC financial zone. In May, authorities signed an agreement with Crypto.com. As part of this initiative, residents can now pay for government services using cryptocurrency.
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