- Komainu has received provisional permission to offer institutional bitcoin and cryptocurrency custody services in Dubai.
- The company is a $471 billion joint venture between Nomura Bank, CoinShares, and Ledger.
- Komainu is considered operationally ready while regulators carry out their due diligence before issuing full approval.
The Dubai Virtual Assets Regulatory Authority (VARA) has granted operational readiness as due diligence is carried out in accordance with the regulators requirements on Komainu. Therefore, the company only received a provisional approval. However, if approved, Komainu will be among the first such institutions to be fully regulated in the region.
“Komainu’s entry into the VARA regime is symbolic of the trust and credibility the virtual asset industry gains when backed by such endorsement from traditional financial leaders like Nomura,” said HE Helal Saeed. Almarri, president of VARA.
Komainu is a joint venture between Japanese banking giant Nomura, digital asset manager CoinShares and digital asset security firm Ledger. Through this partnership, Komainu hopes to help provide institutional custody of digital assets in the region while helping cement Dubai’s plans to become a hub for bitcoin and other cryptocurrencies.
“Dubai and VARA are establishing a new hub for digital asset businesses and bringing like-minded companies to the country to help establish its growing crypto ecosystem and we look forward to contributing to these exciting developments,” said Sebastian Widmann, Head of Strategy at Komainu. “By expanding into the MENA region, we are providing a much-needed service to institutions operating within a regulated crypto market.”
Komainu has also chosen to host its headquarters in Dubai in order to diversify its services throughout the region once it obtains full approval.