Komainu Receives Provisional Regulatory Approval from Dubai’s VARA

Komainu, a crypto custodian backed by Nomura, confirmed today that the company has secured provisional regulatory approval from the Virtual Assets Regulatory Authority (VARA) in Dubai. According to the details shared by the company, the provisional regulatory approval will facilitate its regional growth.

Additionally, Komainu has selected Dubai for its regional headquarters. The crypto custodian noted that the institutional clients in Dubai will be able to take advantage of its services in a regulated environment.

The latest announcement from Komainu came almost four months after the crypto custodian established a Singapore-based entity to boost its presence in the APAC region. With the approval from VARA, Komainu aims to become a first mover in the MENA region.

Helal Saeed Almarri, the Chairman of VARA, said: “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. 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. Dubai is pleased to welcome credible players like Komainu into VARA’s virtual assets ecosystem.”

Dubai is home to some of the fastest-growing companies in the crypto ecosystem. Earlier this month, OKX secured a provisional virtual assets license from VARA. In June 2022, Crypto.com received provisional approval from regulatory authorities in the region.

Sebastian Widmann, the Head of Strategy at Komainu, said: “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, and we look forward to contributing to these exciting developments. Komainu actively works with regulators, partners and our clients to make sure that our platform is held to the highest of standards, and this latest endorsement by the Dubai Government is a further testament to that fact.”