The UAE grants a license to a digital currency custody company

The UAE

Today, news reports say that the Dubai Virtual Asset Regulatory Authority (VARA) has agreed to license cryptocurrency custodian Komainu to provide services to its clients in the region, thus becoming the first cryptocurrency custodian to obtain a full license for VASP in Dubai. .

Commenting on this move, Sebastian Weidmann, one of Komainu's officials, said that the Dubai Virtual Assets Regulatory Authority has established a strong regulatory framework, where companies like us innovate, operate safely and explore the future possibilities of digital assets, which include tokenization and decentralized finance services, adding that the company sees Huge growth potential in the GCC countries and expects to increase the number of its employees in the region to meet the growing demand from clients.

Komainu is a joint venture between Japanese financial institution Nomura, blockchain company Ledger, and cryptocurrency investment firm CoinShares.

It should be noted that earlier, Binance - the largest cryptocurrency exchange in the world - announced that it had obtained a license to start operating in Dubai, UAE, after fulfilling all the prerequisites since obtaining an introductory license in September last year. Commenting on the matter, Binance wrote in a blog that its transition from the temporary license - which it obtained last year - to an operational MVP license means that eligible users in Dubai will now be able to access authorized service