Cryptocurrency NewsKomainu Secures Full Operating License from Dubai's VARA

Komainu Secures Full Operating License from Dubai’s VARA

Komainu, a collaborative venture among Ledger, CoinShares, and Nomura, has secured a comprehensive operating license from Dubai’s Virtual Asset Regulatory Authority (VARA), reinforcing Dubai’s goal to establish itself as a hub for cryptocurrency.

The crypto custody firm Komainu initiated its license application process with VARA in November 2022 and has now successfully completed it. The full licensing process in Dubai involves four stages: obtaining an initial permit, followed by acquiring preparatory and minimally viable product (MVP) licenses, and finally, a full market product (FMP) license.

Founded in 2018, Komainu provides regulated, robust digital asset custody and staking services, and is backed by financial institutions like Asia-based Nomura, which offers a range of financial services including investment banking and asset management.

With this new license, Komainu is authorized to offer institutional-level staking, asset custody, and collateral management services to clients in Dubai.

Dubai is making strategic moves to become a critical player in the cryptocurrency sector, implementing policies like tax exemptions for crypto businesses. Furthermore, the Dubai AI and Web 3.0 Campus has announced that it will subsidize licenses for companies aiming to set up operations in the city, via the Dubai International Financial Center (DIFC).

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