Institutional digital asset custody provider Komainu announced provisional regulatory approval from the Government of Dubai's Virtual Assets Regulatory Authority (VARA) to begin operational readiness.

In the meantime, the company’s application will go through due diligence in accordance with VARA requirements. As a result, the company only has provisional approval.

This will allow Komainu to be among the first fully regulated providers of digital asset custody services to institutional clients in the city of Dubai.

Chairman of VARA H.E. Helal Saeed Almarri shares his excitement by stating:

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.

Komainu is a regulated custody provider of digital asset services for institutions and was founded in 2018 by Japanese investment bank Nomura, blockchain experts Ledger, and digital asset investment manager CoinShares.

By offering secure and regulated digital asset custody services for Bitcoin and other digital assets, Komainu serves as a crucial gatekeeper for institutions and organizations that seek exposure to the industry. With the same controls and protections that investors are already accustomed to in traditional finance, Komainu has become one of the top providers of Bitcoin and digital asset custody for institutional clients over the years. 

Komainu’s Head of Strategy Sebastian Widmann explains that the company is looking forward to participating in these recent developments. Widmann clarifies that Dubai and VARA will be vital in creating a new hub for Bitcoin and digital asset enterprises. 

The head of strategy also emphasizes the importance of recruiting like-minded businesses to help the nation prosper and expand the current Bitcoin and crypto ecosystem.

“By expanding into the MENA region, we are bringing a much-needed service to institutions operating within a regulated crypto marketplace,” says Widmann.

Komainu has also opted to have its main office in Dubai in preparation for receiving complete approval so that the company may expand its services throughout the country.

Share this article
The link has been copied!