Komainu has received approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to provide custody services to Dubai clients.
The entire operating license for Komainu’s cryptocurrency custody service has been approved by Dubai’s Virtual Asset Regulatory Authority (VARA), which Nomura, Ledger, and Coinshares support.
In November 2022, the business began the licensing process with the authority. A provisional permit, preparatory and operating Minimally Viable Product (MVP) licenses, and a Full Market Product (FMP) license are the four steps necessary to obtain the complete license from Dubai’s regulator.
Ledger, CoinShares, and Nomura formed a joint venture to create Koimanu in 2018. The business provides its customers with a secure and regulated infrastructure for custody and staking services for digital assets.
Asia-based Nomura is a multinational provider of financial services. Nomura Holdings, Inc., a Japanese company, provides a range of financial services, including brokerage, retail banking, asset management, and investment banking.
Koimanu will be able to provide institutional staking, collateral management, and asset custody to clients in Dubai thanks to the new license. Dubai is working to establish itself as a key hub for the Bitcoin business.
The city has employed various tactics, such as a zero-tax policy for cryptocurrency players, to draw significant players from the industry. The Dubai AI and Web 3.0 Campus recently announced that it would pay for the permits for businesses that wanted to move there. The Dubai International Financial Center (DIFC) will grant these licenses.
