Laser Digital Gets License to Operate in Dubai: Crypto Hub Thriving

• 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.
• Dubai recently tightened its regulatory requirements for crypto firms with stringent rules that outline cybersecurity, compliance, and risk management standards.
• Binance’s local unit recently received its MVP operational permit, while other crypto-centric firms to have entered the market include ATFX and CMC Markets.

Laser Digital Receives License Approval in Dubai

Nomura’s Laser Digital Middle East FZE has secured a Virtual Asset Service Provider (VASP) license to operate in Dubai. The firm will offer OTC digital asset investment and trading products for institutional investors in the region.

Dubai Strengthens Regulatory Requirements

Dubai tightened its regulatory requirements on crypto firms with stringent rules outlining cybersecurity, risk management, and compliance standards. Laser Digital underwent a four-stage assessment process before receiving their license approval from VARA (Virtual Assets Regulatory Authority).

Binance & Other Crypto Companies Entering Market

Binance’s local unit recently received its MVP operational permit – one step short of full licensing – enabling it to begin operations in the region soon. Other crypto-centric companies like ATFX and CMC Markets have also started offering services in the area.

Taxation on Staking Rewards

The US Internal Revenue Service has declared staking rewards as taxable events under ‚Stake and Pay‘. This is part of their efforts to properly tax cryptocurrency holders for any earnings they receive from staking activities such as validating new blocks or transactions on the blockchain network platform.

Crypto Regulations In Canada

Canada’s financial regulator has proposed new rules for crypto exposure which will be applicable to banks, insurers, credit unions, securities dealers, loan companies and other financial entities operating within jurisdiction lines of Canada. These regulations aim at ensuring proper control over risks associated with cryptocurrencies such as virtual currency fraud or money laundering activities by these organizations.