Laser Digital, the cryptocurrency trading and services subsidiary of Nomura, secured a limited license under Dubai’s Virtual Asset Regulatory Authority pilot framework to offer over-the-counter crypto derivative products. The license makes Laser Digital the first regulated entity under VARA authorized to provide direct client-facing crypto options services.
Under the license, Laser Digital plans to offer medium-dated options on major tokens such as bitcoin and ether, executed under International Swaps and Derivatives Association agreements. The initial offering will focus on vanilla option structures to establish a regulated market presence before expanding into yield enhancement and lending services.
Dubai’s crypto-friendly regulatory environment has attracted several global firms seeking clear licensing pathways. Johannes Woolard, Chief Product Officer at Laser Digital, noted that once firms justify their business models in detail, VARA provides long operational leeway. This approach has made Dubai a growing hub for crypto derivatives activities.
The OTC license complements Laser Digital’s existing trading and servicing capabilities, potentially enabling yield enhancement products that leverage borrow-lend services alongside spot trading. The firm views the VARA approval as a strategic milestone to broaden its institutional service offerings in the Middle East.
Market observers expect the debut of regulated crypto OTC derivatives in Dubai to support deeper liquidity and price discovery for institutional participants. The pilot framework’s success could influence other jurisdictions to adopt similar regulatory models for digital asset derivatives.
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