Komainu Secures Lucrative Dubai License To Offer Custody Services To Crypto

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Zinger Key Points

• VARA's Licenses are a major boost for crypto adoption in Dubai.
• UAE has established VARA as the world's first independent crypto regulator.

Komainu, a joint cryptocurrency custody venture involving Nomura NMR, Ledger and CoinShares, has been granted an operating license by Dubai's Virtual Asset Regulatory Authority (VARA).

This license enables Komainu to extend its comprehensive custody services, including institutional staking and collateral management, to clients within the emirate through its Komainu Connect platform.

The platform's unique feature allows clients to utilize their digital assets in collateralization scenarios, all while maintaining segregated custody that can be verified on-chain.

Dubai has been actively working to lure crypto businesses to the region.

In a landmark move, the UAE established VARA in March 2022, marking it as the world's inaugural independent crypto regulator. Other significant players, such as Laser Digital, a digital asset subsidiary of Nomura, and Binance, the largest global crypto exchange, have also recently secured operating licenses from VARA.

Also Read: Crypto Slump Bites India's Top Exchange As CoinDCX Slashes Workforce By 12%

Sebastian Widmann, head of strategy at Komainu, expressed optimism about the venture's prospects in the region, stating, “We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches.”

Since its inception in June 2020, Komainu has been offering custody services to a diverse clientele, including exchanges, financial institutions, asset managers, corporations, and government agencies.

Read Next: Facebook Faces Expulsion From Thailand For Failing To Crack Down On Scams

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