Digital exchange Komainu attains key license in Dubai
- The license will facilitate advancing its institutional-grade digital asset custody services within the region.
- Komainu’s regulatory-approved expansion in Dubai underpins its commitment to bolstering the digital asset landscape.
Komainu has obtained the operational license from Dubai’s Virtual Asset Regulatory Authority (VARA). The approval comes after Komainu secured its MVP license in November of the previous year. This licensing designates Komainu as one of the initial entities to receive such authorization from VARA.
Komainu now has the empowerment to extend institutional staking and collateral management services to clients within Dubai. The services find facilitation through Komainu Connect, the platform developed to cater to the needs of institutional clients.
Komainu’s presence in the Dubai market is further solidified by Komainu MEA FZE, situated in the city. This establishment signifies Komainu’s commitment to actively contribute to the region’s burgeoning digital asset landscape. The company is driven to achieving strategic objectives within the regional market.
Paving the way for digital asset custody expansion
Sebastian Widmann, Head of Strategy at Komainu, emphasized the considerable growth prospects offered by Dubai’s expanding digital asset ecosystem. He noted that the region is witnessing a surge in assets due to the launch of new exchanges. Widmann stated,
“Dubai has a vibrant digital asset ecosystem and impressive talent pool, and we are proud to contribute to the growth of this innovative financial hub.”
He added that Komainu’s presence, coupled with its desirable regulatory status, sets the company apart as it embarks on the next phase of its business journey.
VARA thoughtfully crafts regulations to cater to the provision of permissible activities and services to customers and investors in Dubai. These regulations are designed to bring clarity, ensure certainty, and mitigate potential market risks. VARA’s approach centers around creating a model framework that promotes global economic sustainability and embraces innovation.
Founded in 2018, Komainu’s primary purpose was to fill the gap in the market by delivering secure and compliant custody services for institutions venturing into digital asset investments. Since its launch in June 2020, Komainu has played a pivotal role in safeguarding assets for various entities, including exchanges, financial institutions, asset managers, corporations, and government agencies.
Komainu’s foundation rests on a joint venture involving influential entities such as Nomura, CoinShares, and Ledger. This amalgamation of expertise and resources ensures that Komainu offers multi-asset support combined with rigorous regulatory adherence.
With headquarters in Jersey and additional offices in prominent global financial hubs like London, Dublin, Singapore, and now Dubai, Komainu operates under the oversight of regulatory authorities. The Jersey Financial Services Commission (JFSC) and Dubai’s Virtual Assets Regulatory Authority (VARA) regulate it.