[Komainu securely obtains full license for cryptocurrency business in Dubai]
Cryptocurrency custodian company Komainu has received approval from Dubai’s Virtual Asset Regulatory Authority (VARA), becoming one of the first companies in the region to receive a full Virtual Asset Service Provider (VASP) license, offering services to Dubai through its Komainu Connect platform. Customers provide custodial services.
This approval is not only a major milestone for Komainu, but also has far-reaching implications for the many cryptocurrency businesses showing interest in Dubai. This regulatory development is expected to boost the growth of Dubai’s cryptocurrency industry since VARA was established in March 2022, providing a clear regulatory framework for virtual asset services.
Komainu was co-founded in 2018 by Japanese financial institution Nomura, blockchain company Ledger and CoinShares, which specializes in cryptocurrency investments, and specializes in providing services to institutional clients, asset managers, banks, etc.
VARA's licensing process is divided into four stages, including the acquisition of a provisional license, the preparation of a minimum viable product (MVP) and operating license, and the final approval of a full market product (FMP) license. Komainu successfully passed this process and can now provide institutional equity and mortgage management services in the Dubai area.
The license also enables VARA to provide custody services and custody equity solutions.
It is worth mentioning that Komainu received preliminary authorization from Dubai in July 2022 and an MVP license in November.
