Digital assets company Komainu has received a provisional license from the Dubai Virtual Assets Regulatory Authority (VARA) to offer cryptocurrency products and services to institutional clients in Dubai, CoinDesk said in a report.
See related article: Dubai could be crypto’s promised land, Citi says
Fast facts
- Komainu is the latest to receive approval from Dubai after the Emirati state allowed exchanges Binance, Bybit, Crypto.com, and FTX to operate, while South Asian countries like Singapore and India imposed regulatory curbs.
- Dubai is becoming a new hub for digital asset companies as it develops its crypto ecosystem, CoinDesk quoted Sebastian Widmann, Komainu’s head of strategy, as saying.
- Komainu started in 2018 as a joint venture between Japanese custodian Nomura, and digital asset investment manager CoinShares.
- Earlier this month, Dubai announced it aims to be one of the top 10 cities globally in the metaverse economy, creating 40,000 virtual jobs and adding US$4 billion to the city’s economy in five years.
See related article: Dubai police launch 2nd edition of NFTs, see use case for digital assets