Dubai’s Virtual Asset Regulatory Authority (VARA) has awarded a comprehensive operating license to Komainu, a crypto joint venture comprising Nomura, CoinShares, and Ledger.
The regulatory authority’s supportive stance towards crypto startups, coupled with its favorable laws and funding initiatives, has led to an encouraging environment for the industry’s growth in the United Arab Emirates (UAE).
The UAE government has proactively fostered a conducive ecosystem for crypto startups by offering financial backing and enacting industry-friendly regulations.
VARA’s crypto exchange licensing process in Dubai follows three stages: provisional approval, a minimal viable product (MVP) license, and a full market product license.
Komainu, with partners Nomura, CoinShares, and Ledger, successfully completed VARA’s licensing procedure after securing an MVP license in November 2022.
Komainu joins a select group of prominent exchanges that have achieved this milestone under Dubai’s VARA. The completion of the licensing process reflects the importance of regulatory support in facilitating the expansion of companies within the crypto industry.
Komainu is headquartered in Jersey, a jurisdiction overseen by the Jersey Financial Services Commission.
With the issuance of the full operating license by VARA, Komainu is now authorized to provide its comprehensive range of custody services, including institutional staking and collateral management, through its collateral management service known as Komainu Connect.
Dubai’s burgeoning innovation hub, the AI and Web 3.0 Campus, has introduced initiatives to attract companies to set up operations in the region. To encourage global professionals and potential investors, the Dubai International Financial Centre (DIFC) will subsidize licenses for companies establishing a presence in the hub. This strategic move aims to position Dubai as an attractive destination for technology-driven enterprises seeking to tap into the region’s growth
