Nomura’s Komainu Attains Complete Regulatory Approval in Dubai’s Crypto Landscape
Komainu, a collaboration between Nomura, CoinShares, and Ledger, has achieved a full operating license from Dubai’s Virtual Asset Regulatory Authority (VARA), marking the culmination of a multi-step licensing process.
Dubai’s crypto-friendly environment, fueled by supportive regulations and federal grants, welcomes innovations in the cryptocurrency space. The licensing procedure in Dubai entails provisional approval, an MVP license, and a full market product license. Komainu secured its MVP license in November 2022 and has now completed the final step almost 10 months later. Other notable exchanges like Binance, Bybit, OKX, and Crypto.com have achieved similar operational status. Komainu emphasizes the importance of favorable regulatory status for business growth.
The company is also regulated by the Jersey Financial Services Commission and operates from Jersey. With the VARA license, Komainu can provide its full range of custody services, including institutional staking and collateral management through Komainu Connect. Dubai’s innovation commitment shines through subsidizing licenses for AI and Web3 businesses, attracting global talent and investors to the Dubai AI and Web 3.0 Campus.
Clever Robot News Desk 24th August 2023
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