Komainu, a regulated digital asset custody provider built by institutions for institutions, is set to become one of Dubai’s first regulated crypto custody providers, bringing a much-needed service to the proliferating regional ecosystem.
The Government of Dubai’s Virtual Assets Regulatory Authority (VARA) on Wednesday granted provisional regulatory approval to Komainu.
Komainu acts as a key gatekeeper to institutions gaining exposure to the digital asset industry with the provision of secure and regulated digital asset custody services for blockchain and beyond.
Over the years, Komainu has established itself as one of the leading digital asset custody providers for institutional clients, providing the same safeguards and protections investors are accustomed to in traditional finance.
“Komainu’s entry into VARA’s regime is symbolic of the confidence and credibility that the Virtual Assets industry is gaining when backed by such strong endorsement from traditional finance leaders like Nomura,” Helal Saeed Almarri, Chairman of VARA, said. “Such acceptance and active participation of tier 1 global institutional finance firms is not only an affirmation of Virtual Assets being integral to the future of finance, but also indicative of the potential that this industry can offer for economic empowerment”.
Sebastian Widmann, Head of Strategy at Komainu, said that Dubai and VARA are establishing a new hub for digital asset businesses and bringing like-minded companies into the country to help establish its growing crypto ecosystem.
“By expanding into the MENA region, we are bringing a much-needed service to institutions operating within a regulated crypto marketplace,”Widmann said. “We are excited to bring Komainu Yield as well as the other new services set to launch in the near future to this marketplace and thereby serve a new demographic of institutions.”