April 23, 2024

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Laser Digital opens new hub in Japan after wins in Dubai, Abu Dhabi

3 min read

Fresh from the regulatory wins in the United Arab Emirates (UAE), Laser Digital has announced the launch of a new office in Japan to broaden its reach in the Far East.

In a statement by Laser Digital, the new hub will bring the firm closer to its goals of providing digital currency services to institutional clients globally. Laser Digital’s decision to enter Japan does not surprise industry players as it is a subsidiary of Japanese banking giant Nomura (NASDAQ: NRSCF).

Laser Digital has already begun filling the unit’s ranks, naming Hideaki Kudo as Representative Director and head of the unit. Kudo previously served as head of Nomura’s Digital Company, leading efforts at developing security tokens and charting a course for digitization for the company.

Before his stint in Nomura’s digital arm, Kudo was a Senior Portfolio Manager with over 16 years worth of experience in the financial sector.

“It’s exciting to join Laser as they expand operations to Japan,” said Kudo. “Since 2019 I have been managing Nomura’s advancements into the digital asset space and I am delighted to now join the Laser team on their journey,” he adds.

Laser Digital co-founder Steven Ashley described the decision to hire Kudo as a move in the right direction for the digital currency firm.

“To optimize support of our trading business we wanted to have 24/7 operational management, so for coverage in the far east Japan was obviously our top choice,” said Ashley. “Kudo-san’s experience at the Digital Company will be invaluable to Laser Digital’s development and growth, we are thrilled to welcome him to our team.”

Laser Digital’s entrance into Japan comes from impressive regulatory victories in the UAE. In September, the firm secured in-principle approval to offer digital currency investment services to Abu Dhabi residents with a keen focus on broker-dealer services.

Back in August, Laser Digital clinched an operational license from Dubai’s Virtual Asset Regulatory Authority (VARA) after meeting the stiff requirements of the regulator.

Aside from achieving regulatory compliance in multiple jurisdictions, Laser Digital has put its best foot forward with its Venture Capital arm investing in a handful of digital currency firms.

Japan’s dance with digital currencies

The digital currency industry in Japan is undergoing massive upheavals in recent months, underscored by the exit of leading service providers from the country. However, current initiatives by regulatory authorities paint an optimistic picture for industry stakeholders. The government has indicated its support for Web3 and non-fungible tokens as Prime Minister Fumio Kishida states they will improve the country’s digital economy.

Several Japanese banking entities are expected to launch stablecoins after the government unveiled a new regulatory framework for their issuance, learning from the collapse of TerraUSD (UST).

For BSV blockchain-powered stablecoin project YenPoint, the original vision is a currency for small online and retail transactions—that could be used for micropayments. In his presentation at a recent event in Tokyo, YenPoint founder Ken Sato said anyone who is looking to promote useful stablecoins in the real world should focus on digital payments related to entertainment, as well as retail online and in the physical world.

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