Komainu Secures Regulatory Green Light for Crypto Custody Services in Dubai

Komainu, a project sponsored by financial juggernauts Nomura, Ledger, and CoinShares, has secured the coveted operational license from the Virtual Asset Regulatory Authority (VARA) in Dubai, which is a huge achievement for the cryptocurrency sector. Through its cutting-edge Komainu Connect network, Komainu is now able to provide customers in the booming Emirate its full range of cryptocurrency custody services, including institutional staking and collateral management.

Dubai’s Crypto Boom

Dubai has been steadfastly promoting itself as a place that welcomes cryptocurrency. In a ground-breaking decision, the UAE designated VARA as the first independent crypto regulating authority in the world in March 2022. Riding this trend, the famous financial services company Nomura’s digital asset subsidiary Laser Digital recently obtained an operational license from VARA. Additionally, Binance, the biggest cryptocurrency exchange in the world, secured a coveted permission to conduct business in the Dubai area in July.

As Dubai emerges as cryptocurrency epicenter, Komainu’s licensing comes at a pivotal moment. “We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches,” emphasized Sebastian Widmann, head of strategy at Komainu.

Komainu- The Trusted Custodian

Since its launch in June 2020, Komainu has quickly established itself as a reputable custodian in the cryptocurrency industry. The company specializes in offering premium custody solutions designed for a broad customer that includes exchanges, financial institutions, asset managers, businesses, and governmental organizations.

With this regulatory approval from VARA, Komainu is well-positioned to serve the developing crypto ecosystem in Dubai by providing stakeholders with a safe and legal platform to fully use digital assets. Particularly noteworthy is the Komainu Connect technology, which enables clients to deploy their digital assets in collateralization scenarios without hiccups while upholding strict segregation and on-chain verifiability.

The fact that Komainu was able to get an operational license from VARA shows how committed Dubai is to become a leading crypto hub on the planet. Komainu’s services will probably prove beneficial to a wide range of organizations and businesses looking to traverse the complicated and dynamic world of digital assets in this developing Emirate as the crypto market continues to develop.