- Its been ten months since Komainu obtained its MVP license in November 2022.
- Komainu is now authorized by VARA to provide its entire array of crypto-related services.
The Virtual Asset Regulatory Authority (VARA) in Dubai has issued a full operating license to Nomura’s cryptocurrency joint venture Komainu, which also includes crypto businesses CoinShares and Ledger.
The government of the UAE is encouraging crypto startups by providing funding and enacting laws that are friendly to the industry. Provisional approval, a minimal viable product (MVP) license, and a full market product license are the three stages of the VARA licensing procedure in Dubai for cryptocurrency exchanges.
Favorable Regulatory Position
Nearly ten months after obtaining its MVP license in November 2022, Komainu completed the last phase in VARA’s licensing procedure. Also, there are a few other prominent exchanges to acquire the same feat by Dubai’s VARA. Sebastian Widmann, head of strategy at Komainu, emphasized the significance of a favorable regulatory position for the company’s expansion.
Moreover, Komainu is based in Jersey, where it is subject to oversight by the Jersey Financial Services Commission. Through its collateral management service, Komainu Connect, Komainu is now authorized by VARA to provide its entire array of custody services, including institutional staking and collateral management.
Dubai’s AI and Web 3.0 Campus, a rising innovation hub, has chosen to subsidize licenses for companies that want to set up shop there. The permits will be issued by the Dubai International Financial Centre (DIFC). This is an attempt to draw in professionals from all around the globe, as well as potential investors.
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