Nomura’s crypto arm has become the first firm approved to offer client-facing crypto options in Dubai under VARA’s regulatory pilot, opening the door to institutional derivatives in a highly controlled market.
Laser Digital, the digital asset subsidiary of Japanese investment bank Nomura, has become the first company to receive regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer over-the-counter (OTC) crypto options to professional investors.
The firm announced this week it had secured a limited licence under VARA’s Pilot Regime, which enables it to provide structured crypto derivatives to institutional counterparties. It marks a significant milestone in the UAE’s gradual but deliberate push to become a global hub for regulated digital asset finance.
“We are honoured to be the first regulated entity under VARA to face clients for crypto options,” said Jez Mohideen, Co-Founder and CEO of Laser Digital.
“We are grateful for the strong partnership with VARA, who have positioned themselves as a visionary regulator in the digital asset space. Their leadership is enabling Dubai to set the global standard for responsible innovation in digital asset finance.”
Laser Digital will now offer products including hedging instruments, yield enhancement strategies and volatility management tools—all of which have been largely absent from the crypto landscape in the Middle East until now. The launch is strictly limited to qualified and institutional investors, with no access for retail users.
The company’s achievement also underscores the ambition of VARA’s multi-phase licensing framework, which moves firms through provisional, preparatory, operational and full licence stages. The Pilot Regime sits within that structure as a controlled testing environment for complex or novel services such as derivatives.
The approval comes as the UAE sharpens its regulatory edge in contrast to the uncertainty seen in other major markets. The US remains mired in regulatory disputes between the SEC and CFTC, while the UK’s crypto regime is largely limited to anti-money laundering registration.
Dubai, by contrast, has developed a rulebook specifically designed for the nuances of virtual assets, attracting the likes of Binance, Crypto.com, and now Nomura via Laser Digital.
Laser Digital’s regional footprint also extends beyond Dubai. In Abu Dhabi, the firm holds a Financial Services Permission from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), enabling it to offer services across both traditional and digital assets.
With both VARA and ADGM adopting institutional-first, activity-based regulatory models, the UAE continues to position itself as a jurisdiction of choice for global finance firms exploring digital asset opportunities. While other regulators have focused on enforcement or conservatism, Dubai’s regime prioritises clarity and staged innovation.
Laser Digital sees the approval as part of a broader mission to bring maturity and transparency to digital finance.
“This milestone reinforces Laser Digital’s commitment to providing secure, transparent, and sophisticated digital asset solutions to institutional investors,” the company said in a statement.
