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Japanese financial services group Nomura is set to launch a trading and asset management businesses in Dubai through its subsidiary Laser Digital FZE which received a green light from the emirate’s Virtual Asset Regulatory Authority (VARA) on Tuesday. The subsidiary firm, which currently operates out of Dubai and London, will provide broker-dealer as well as management and investment services to institutional investors exploring digital assets.

“VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class. With the license now in place, we are looking forward to Laser’s growth over the coming years” Nomura’s Co-Head of Global Markets EMEA Mohideen said.

The Switzerland-based firm didn’t provide a specific timeline for its plans to launch over-the-counter trading services and other digital-asset investment products but hinted the developments will unfold in coming months. Binance announced on Monday it had cleared the third step in becoming fully licensed by the regulator.

The acquisition of a Virtual Asset Service Provider (VASP) license has seen Laser Digital join a growing list of firms that have set up shop in the UAE market following the introduction of a new crypto regime earlier this year. Nomura, the parent company, is one of the giant traditional finance firms that have been drawn into the digital assets space in recent years undeterred by the wave of negative developments and uncertainty.

Despite hailing from a mainstream financial background, the investment banking and securities company has advanced several initiatives around digital assets including the launch of the crypto-focused arm last year.