Komainu’s Groundbreaking Achievement: Securing VASP Licence in Dubai

August 26, 2023
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Key Takeaways

  • Komainu, a regulated digital asset custody service provider, obtains the Virtual Asset Service Provider (VASP) licence from the Virtual Asset Regulatory Authority (VARA) in Dubai.
  • This operational licence allows Komainu to offer its full range of custody services, including institutional staking and collateral management, to clients in Dubai.
  • Komainu’s presence in Dubai demonstrates its commitment to the region’s digital asset ecosystem and innovation-driven financial landscape.

About Komainu: Pioneering Digital Asset Custody

DUBAI, UAE, Aug. 22, 2023 /PRNewswire/ — Komainu, a trailblazing digital asset custody service provider, announces a monumental achievement – the acquisition of the operating licence from the Virtual Asset Regulatory Authority (VARA) in Dubai. This licence comes as a culmination of Komainu’s dedication to providing secure, compliant, and innovative custody solutions for digital assets.

Sebastian Widmann: Unlocking Opportunities in Dubai Sebastian Widmann, Komainu’s Head of Strategy, emphasizes the significance of this achievement. “We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches,” Widmann remarks. “Dubai has a vibrant digital asset ecosystem and impressive talent pool, and we are proud to contribute to the growth of this innovative financial hub. Our presence and desirable regulatory status in the region marks another differentiator for us as we execute the next phase of our business.”

VARA: Pioneering Regulation for Digital Assets

The Virtual Asset Regulatory Authority (VARA) in Dubai has established regulations that cater to the provision of permissible activities and services related to digital assets within the Emirate. These regulations are designed to provide clarity, ensure certainty, and mitigate market risks. VARA’s forward-looking framework is driven by innovation and aims to foster global economic sustainability within a borderless, technology-agnostic environment.

Filling a Void: Komainu’s Genesis Komainu, founded in 2018, was conceived to address the need for secure and compliant custody services for digital assets. This critical requirement emerged as institutions began to explore investments in the digital asset space. Launched in June 2020, Komainu swiftly emerged as a leader in the digital asset custody realm, offering its services to a diverse array of clients, including exchanges, financial institutions, asset managers, corporations, and government agencies.

Komainu’s Unique Proposition

Komainu’s success can be attributed to its unique approach, combining traditional financial services with cutting-edge security standards tailored to the digital asset landscape. This approach is evidenced by Komainu’s multi-asset support and unwavering commitment to regulatory compliance. With this focus, Komainu bridges the gap between established financial norms and the evolving realm of digital assets.

A Collaboration of Titans Komainu’s journey is marked by collaboration and expertise. The firm is a joint venture between Nomura, a renowned financial services company, CoinShares, a digital asset manager, and Ledger, a digital asset security company. This strategic alliance of expertise positions Komainu as a formidable player in the digital asset custody arena.

Dubai: A Strategic Hub for Komainu

Komainu’s decision to establish a significant presence in Dubai underscores its strategic commitment to the region’s burgeoning digital asset ecosystem. The acquisition of the VASP licence from VARA further solidifies Komainu’s foothold in the region, enabling the firm to offer a comprehensive suite of custody services to clients in Dubai.

Borderless Innovation: VARA’s Vision Dubai’s commitment to fostering innovation and global economic sustainability aligns seamlessly with VARA’s regulations. The dynamic financial landscape of Dubai provides an ideal backdrop for Komainu to not only offer its services but also contribute to the region’s growing digital asset ecosystem.

A Path Forward: Advancing the Digital Asset Landscape

Komainu’s achievement in obtaining the VASP licence from VARA serves as a testament to its commitment to excellence, security, and innovation. As Komainu enters a new phase of growth in Dubai, its dedication to delivering world-class custody services remains steadfast. The company’s multi-asset support, regulatory compliance, and collaborative approach position it as a key player in shaping the future of digital asset custody.

In a landscape where the digital and traditional financial worlds converge, Komainu’s role becomes more than just that of a custody service provider—it’s that of a bridge between the past and the future. As Dubai’s digital asset ecosystem continues to flourish, Komainu’s presence promises to be a catalyst for progress, innovation, and global economic transformation.

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