Komainu, a regulated digital asset custody service provider built by institutions for institutions, has been granted an operating license by the Dubai Virtual Asset Regulatory Authority (VARA).
This achievement comes after Komainu secured its MVP license last November. Achieving this final step in VARA’s licensing process allows Komainu to offer its full suite of custody services, including institutional staking and collateral management via its Komainu Connect platform to clients in the Emirate.
Located in Dubai, Komainu is further commitment from Komainu to the continued build-out of a substantial organization to achieve its goals in the region.
“We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches. Dubai has a vibrant digital asset ecosystem and an 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 regulations are designed to cater to the provision of permissible activities and services to customers and investors from the Emirate of Dubai. With bespoke rules and guidelines designed to provide clarity, assure certainty, and mitigate market risks, VARA has developed a model framework for global economic sustainability within an innovation-centric environment that is truly borderless, technology agnostic, and future-focused.
Komainu was established in 2018 to fill a void and provide institutions with a secure and compliant custody service for investment in digital assets. Launched in June 2020, Komainu currently custodies assets for exchanges, financial institutions, asset managers, corporations, and government agencies.
Related News | M2 gets Financial Services Permission license from ADGM