Digital asset custody provider Komainu (The Guardian) has received provisional regulatory approval from Government of Dubai’s Virtual Assets Regulatory Authority (VARA).
Komainu is still going through its due diligence phase, in line with VARA requirements, but it has been given the OK to begin “operational readiness… to enable Komainu to be amongst the first fully regulated digital asset custody services to institutional clients in the region,” according to a statement from the company.
“By expanding into the MENA region, we are bringing a much-needed service to institutions operating within a regulated crypto marketplace. 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,” Sebastian Widmann, head of strategy at Komainu, said.
Komainu is the first hybrid custodian for institutional digital asset investors created by the Japanese investment bank Nomura, digital asset manager CoinShares and digital asset security company Ledger. Komainu provides decentralised digital asset custody services through a single application-based solution for institutions, offering multi-asset support and regulatory compliance. The company is headquartered in Jersey, Channel Islands.
“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,” said Helal Saeed Almarri, chairman of VARA.
