Komainu Granted Full VASP License by Dubai's VARA Crypto Custodian's Milestone Move

Komainu Granted Full VASP License by Dubai’s VARA: Crypto Custodian’s Milestone Move

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Komainu: Shaping Dubai’s Crypto Landscape

Komainu1, a prominent crypto custodian, has earned the green light from Dubai’s Virtual Asset Regulatory Authority (VARA). This pivotal approval heralds Komainu as a trailblazer, solidifying its role in offering custody services through the cutting-edge Komainu Connect Platform.

Dubai's Virtual Asset Regulatory Authority
Dubai’s Virtual Asset Regulatory Authority

A Landmark VASP License

Dubai’s recognition of Komainu’s prowess marks a significant step forward, positioning the custodian among the pioneering few to secure a comprehensive Virtual Asset Service Provider (VASP) license within the region. This accolade reinforces Komainu’s commitment to providing top-tier custody services and propelling the cryptocurrency sector’s growth in Dubai.

Dubai: A Fertile Ground for Crypto

The timing of this milestone is noteworthy, as Dubai continues to attract companies operating in the cryptocurrency realm. The establishment of VARA in March 2022 acted as a catalyst, igniting interest among crypto enterprises to establish their foothold in the emirate.

Cultivating Industry Growth

Dubai’s regulatory stride in embracing cryptocurrency services is poised to foster a thriving ecosystem. The framework that VARA offers creates the foundation for a secure and regulated environment for virtual asset services. This strategic move could potentially elevate Dubai’s status as a global hub for cryptocurrency innovation and financial technology.

The Triumvirate Behind Komainu

Crafted through the collaboration of industry giants, Komainu stands as a joint venture involving Nomura, a prominent Japanese financial institution, Ledger, a pioneering blockchain company, and CoinShares, specializing in cryptocurrency investments. This confluence of expertise positions Komainu as a reliable custodian catering to a diverse clientele, including institutional players, asset managers, banks, liquidity providers, and exchanges.

VARA’s Licensing Journey: A Blueprint for Success

VARA’s meticulous licensing process comprises a four-stage journey. From obtaining a provisional permit to securing preparatory and operational licenses for their minimal viable product (MVP), Komainu’s journey culminates in the coveted full market product (FMP) license.

Empowering Dubai’s Crypto Ecosystem

Gaining the status of a fully licensed VASP bestows Komainu with the authority to offer institutional staking and collateral management services via its Komainu Connect platform. Moreover, VARA’s endorsement equips Komainu to extend custody solutions, further fortifying the infrastructure of Dubai’s evolving crypto landscape.

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Stepping Stones of Success

The path to this triumphant licensing achievement unfolded over time. Komainu secured its initial authorization for operations in Dubai in July 2022. Building on this foundation, the custodian was granted its MVP license by the Dubai regulator in November, paving the way for the recent full VASP license.

As Komainu solidifies its position as a licensed crypto custodian, it reinforces Dubai’s ascent in the global cryptocurrency arena. The partnership between Komainu and VARA is not only a testament to innovation but also a stride towards a future where cryptocurrencies seamlessly integrate into traditional financial landscapes.

About Komainu

  1. Komainu is a regulated digital asset custodian that Nomura, digital asset manager CoinShares, and digital asset security company Ledger jointly created for institutions. Offering multi-asset support with regulatory compliance, Komainu is merging traditional financial services with leading security standards for the next generation of institutional custody. Headquartered in Jersey and with offices in London, Dublin, Dubai, and Singapore, Komainu is regulated by the Jersey Financial Services Commission (JFSC) and Dubai Virtual Assets Regulatory Authority (VARA). For more information, visit ↩︎

Binance, blockchain