Laser Digital, the digital asset trading arm of Nomura Bank, has become the first company to secure a regulated over-the-counter (OTC) crypto options license under the Virtual Asset Regulatory Authority’s (VARA) pilot framework in Dubai. This milestone allows Laser Digital to directly offer regulated OTC crypto derivatives—like options contracts—to clients in a rapidly growing global market.
Regulatory First Under Dubai’s Crypto-Friendly Regime
Granted under the innovative VARA pilot regime, the license enables Laser Digital to operate as the first regulated entity permitted to deliver direct, client-facing crypto OTC option services in Dubai. The emirate has emerged as a major international hub for digital asset firms, helped by its progressive and business-oriented crypto regulatory environment. Other major players, such as Deribit (now part of Coinbase), are also planning Dubai operations, highlighting the jurisdiction’s increasing gravitational pull in the industry.
Johannes Woolard, Laser Digital’s head of product, credits Dubai’s regulatory approach:
“Crypto has become very Dubai-centered and there is this kind of hype around people moving into Dubai and the VARA regulatory environment,” he said. “They make you justify, in a lot of detail, what you’re going to do, but then once you’ve justified it, they’re willing to give you quite a long leash.”
What Laser Digital Will Offer
Initially, Laser Digital will focus on medium-dated, “vanilla” options on major crypto tokens—simple options structures, not complex derivatives. These contracts will be executed under International Swaps and Derivatives Association (ISDA) agreements, aligning with best practices for OTC derivatives. The company’s strategy is to build up a reliable, straightforward business and grow the broader crypto derivatives ecosystem before layering on more sophisticated yield-enhancement services or expanding into borrowing, lending, and spot market offerings.
Growing Dubai’s Crypto Derivatives Scene
As the global appetite for regulated crypto derivatives increases, Dubai’s VARA framework positions the city as a primary destination for innovation and growth in digital finance. Laser Digital’s regulatory win not only underscores Dubai’s welcoming climate for compliant crypto businesses but also signals new opportunities for institutional investors to access tailored, regulated crypto risk management tools in the region.
