Institutional digital asset custodian Komainu has received preliminary approval to operate in Dubai, the company announced Wednesday.
The Dubai Virtual Assets Regulatory Authority (VARA) license allows Komainu to offer crypto products and services to institutional clients in Dubai.
Komainu, looking to firmly expand its presence in the Middle East, is a joint venture formed in 2018 by Japanese investment bank Nomura, digital asset management firm CoinShares and digital asset security firm Ledger.
Emerging as a major player in the cryptocurrency world, the Dubai regulator has so far awarded licenses to cryptocurrency exchanges FTX, Binance.
Dubai is set to become a crypto hub with its reputation as a tax-free business hub having already attracted many businesses in the space, including Komainu. Sebastian Widmann, Komainu’s head of strategy, said:
“Dubai and VARA are establishing a new hub for digital asset businesses and bringing like-minded companies into the country to help establish its growing crypto ecosystem, and we look forward to contributing to these exciting developments.”
While other crypto hubs like Singapore do not look to have the needed backing by central bank and regulators, Dubai authorities are 100% aligned as it is set to become a leading metaverse economy. Last week, the largest emirate of the United Arab Emirates, launched its ‘Dubai Metaverse Strategy’ with ambitions to bring in 1,000 blockchain companies and generate over 40,000 virtual jobs by 2030.
Chairman of VARA, H.E. Helal Saeed Almarri, commented:
“Komainu’s entry into VARA’s regime is symbolic of the confidence and credibility that the Virtual Assets industry is gaining when backed by such strong endorsement from traditional finance leaders like Nomura. Such acceptance and active participation of tier 1 global institutional finance firms is not only an affirmation of Virtual Assets being integral to the future of finance, but also indicative of the potential that this industry can offer for economic empowerment. Dubai is pleased to welcome credible players like Komainu into VARA’s virtual assets ecosystem.”
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Source: Igaming
