Komainu granted operating licence by VARA in Dubai
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Komainu granted operating licence by VARA in Dubai 23 August 2023UAE Reporter: Jenna Lomax
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Digital asset custody service provider Komainu has been granted an operating licence by the Virtual Asset Regulatory Authority (VARA) in Dubai after securing its MVP licence last November.
The licence will allow 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.
VARA regulations are designed to cater for the provision of permissible activities and services to customers and investors from the Emirate of Dubai.
With guidelines designed to provide clarity, assure certainty and mitigate market risks, VARA has developed a model framework for global economic sustainability.
Komainu was established in 2018 to provide institutions with a secure and compliant custody service for investment in digital assets.
Launched in June 2020, Komainu currently provides custody for assets for exchanges, financial institutions, asset managers, corporations and government agencies.
Sebastian Widmann, head of strategy at Komainu, says: “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 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.”
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