Komainu Is All Set To Offer Custody Services In Dubai As It Receives Regulatory Approval

Kumainu has got the license to work as a crypto custodian in Dubai. After the license, Komainu is the latest crypto firm in Dubai and registered as the crypto custodian for digital assets. Komainu is all set to work as the crypto firm to offer the services of collateral management and institutional management in Dubai by means of its own Komainu Connect Platform.

VARA’s Approval of Komainu as a Crypto Custodian Firm

VARA (Virtual Asset Regulatory Authority) has approved Kumainu to work as a crypto custodian in Dubai. VARA is the crypto regulatory authority of Dubai which has approved Komainu to provide crypto services to the clients in region.

Also Read: Dubai’s Regulator Shares Its Concerns Regarding Regulatory Gaps In Crypto Market

Komainu is going to be the first crypto custodian firm among various other companies to get the status of VASP (Virtual Asset Service Provider). It is observed that the interest of the crypto firms has been accelerated after the establishment of VARA in Dubai since March 2023. VARA’s licensing procedure is based on four stages. Initially, a provisional permit leads to the preparatory and the operating MVP (minimal viable product) license and then FMP (full market product) license. Komaini has got the full fledge license to work as the crypto custodian in Dubai.

About VARA and Komainu

VARA (Virtual Asset Regulatory Authority) play a pivotal role in regulating the digital economy in Dubai. VARA is regarded as the most trusted regulatory authority for the smooth regulation of the virtual economy. Sebastian Widmann, the representative of Komainu stated in a mail that VARA has provided a vigorous regulatory framework which allows to innovate along with exploring and operating the potential of virtual assets i.e., DeFi and tokenization.

Komainu was launched back in 2018 and was considered to be the first regulatory platform to offer virtual assets custody solutions. It was started as a joint venture between Nomura and CoinShare to provide services to institutional clients i.e., exchanges, liquidity providers, banks and, managers.