Komainu, a digital asset custody joint venture founded by Nomura, CoinShares, and tech firm Ledger, has received a full operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). This significant milestone comes after Komainu secured its Minimum Viable Product (MVP) license in the previous year, designating it as one of the initial entities to receive such authorization from VARA.
The license will enable Komainu to offer its full range of custody services, including institutional staking and collateral management, to clients in Dubai. The platform, known as Komainu Connect, allows clients to deploy their digital assets in collateralization scenarios while they remain in segregated custody, verifiable on-chain.
Komainu has strengthened its position in the Dubai market with the establishment of Komainu MEA FZE in the city. However, this move demonstrates the company’s dedication to actively contributing to the region’s growing digital asset landscape.
Komainu’s digital asset custody expansion in Dubai
Sebastian Widmann, who leads the Strategy team at Komainu, highlighted the significant potential for growth within Dubai’s digital asset ecosystem. He pointed out that the region is experiencing an increase in assets due to the introduction of new exchanges. Widmann expressed admiration for the vibrant digital asset ecosystem and impressive talent pool in Dubai, and stated that Komainu is delighted to be part of the expansion of this innovative financial hub.
VARA’s approach to regulation is designed to bring clarity, ensure certainty, and mitigate potential market risks. Its model framework promotes global economic sustainability and embraces innovation, aligning with Komainu’s mission to fill the gap in the market by delivering secure and compliant custody services for institutions venturing into digital asset investments.
Founded in 2018, Komainu has played a pivotal role in safeguarding assets for various entities, including exchanges, financial institutions, asset managers, corporations, and government agencies. Its foundation rests on a joint venture involving influential entities, ensuring multi-asset support combined with rigorous regulatory adherence.
With headquarters in Jersey and additional offices in prominent global financial hubs like London, Dublin, Singapore, and now Dubai, Komainu operates under the oversight of regulatory authorities, including the Jersey Financial Services Commission (JFSC) and Dubai’s VARA.
The achievement of the full operating license in Dubai marks a significant step in Komainu’s journey, reflecting its commitment to bolstering the digital asset landscape and achieving strategic objectives within the regional market. The company’s expansion in Dubai comes amid a significant boom in assets driven by fund formation and exchange launches, positioning Komainu as a key player in the growth of this innovative financial hub.
Komainu’s regulatory-approved expansion in Dubai underpins its commitment to the digital asset landscape, with the license facilitating the advancement of its institutional-grade digital asset custody services within the region. The company’s presence and desirable regulatory status set it apart as it embarks on the next phase of its business journey. The recent appointment of Nicolas Bertrand as CEO, previously Head of Derivatives Markets and Commodities of Borsa Italiana, adds to the company’s strong leadership as it continues to innovate and contribute to the global digital asset ecosystem.
