Komainu Secures Full Operating License in Dubai, Expanding Crypto Custody Services
Summary:
Komainu, a joint venture between Nomura, CoinShares, and Ledger, has obtained a full operating license from Dubai's Virtual Asset Regulatory Authority. This license allows Komainu to provide custody services and collateral management in the UAE. The move highlights the country's support for cryptocurrency innovations, backed by pro-crypto regulations and grants. Dubai has also announced subsidies for AI and Web3 businesses to attract global talent and investors.
Komainu, a joint venture between Nomura and crypto companies CoinShares and Ledger, has been granted a full operating license by Dubai's Virtual Asset Regulatory Authority (VARA). This move signifies the United Arab Emirates' openness to cryptocurrency innovations and its supportive stance with federal grants and pro-crypto regulations, aimed at fostering entrepreneurial growth. To obtain a VARA license, crypto exchanges need to go through a three-step process involving provisional approval, a minimum viable product (MVP) license, and a full market product license. Komainu completed the final step of the licensing process, which took approximately 10 months since it acquired its MVP license in November 2022. Notable crypto exchanges such as Binance, Bybit, Laser Digital Middle East, BitOasis (currently suspended), OKX, Crypto.com, FTX (previously revoked), and Huobi have previously attained similar operational status. Sebastian Widmann, Komainu's head of strategy, emphasized the significance of a favorable regulatory status for business growth. Komainu has not yet provided a comment in response to Cointelegraph's request. Besides being regulated by the Jersey Financial Services Commission, Komainu's headquarters remain in Jersey. The VARA license now enables Komainu to offer a comprehensive range of custody services, including institutional staking and collateral management through its collateral management service, Komainu Connect. In recent news, Dubai announced its intention to heavily subsidize commercial licenses for artificial intelligence (AI) and Web3 businesses. The newly-launched Innovation One building in the Dubai AI and Web 3.0 Campus will provide physical offices and co-working spaces for registered AI and Web3 enterprises. The licenses will be issued by the Dubai International Financial Centre (DIFC) as part of the city's efforts to attract global talent and diversified investors.
Published At
8/22/2023 8:11:25 AM
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