Komainu, the joint venture between Nomura, Ledger, and CoinShares for cryptocurrency custody, has been granted an operating permit by the Dubai-based Virtual Asset Regulatory Authority (VARA).According to a statement from the company, Komainu can now provide clients in the emirate with its full range of custody services, including institutional staking and collateral management, through its Komainu Connect platform.While they are still in segregated custody and are verifiable on-chain, the platform enables clients to deploy their digital assets in collateralization scenarios.
The area has been working hard to draw cryptocurrency industry.The UAE announced VARA as the first autonomous cryptocurrency regulator in the world in March 2022.Earlier this month, VARA issued an operating license to Laser Digital, the Nomura company that deals in digital assets.The biggest cryptocurrency exchange in the world, Binance, was granted a license to operate in Dubai in July.
“We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches,” said Sebastian Widmann, head of strategy at Komainu.
Launched in June 2020, Komainu offers custody services to enterprises, government organizations, financial institutions, asset managers, and exchanges.