Komainu, a joint venture between Japanese financial services group Nomura Holdings, blockchain developer Ledger, and digital asset investment manager CoinShares, announced Tuesday that it received an operating license from the Virtual Asset Regulatory Authority (VARA) in Dubai.
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- The license allows the company to offer Dubai customers its custody services in full, including institutional staking and collateral management via its platform Komainu Connect, according to its announcement.
- Komainu sees “tremendous” growth opportunities in Dubai. The company also has offices in London, Dublin and Singapore.
- Komainu follows a slew of crypto companies that have expanded to Dubai, including Binance, OKX, Hex Trust and Nomura’s crypto subsidiary Laser Digital.
- The United Arab Emirates have been pushing to grow the region, headlined by Dubai, as a crypto hub of the world. In March 2022, Dubai’s law regulating digital assets came into effect, creating VARA as a regulatory body setting operations standards for international crypto businesses.
- Komainu, established in 2018, mainly provides crypto custody to exchanges, institutions and asset managers.