Komainu, the joint project between Nomura, CoinShares, and Ledger, has secured a full operating license from the VARA Authority for Virtual Assets in Dubai.
The United Arab Emirates has opened its doors to virtual banking innovations, supported by government grants and local regulations to foster an entrepreneurial spirit. Obtaining a VARA license in Dubai involves a three-step process, requiring cryptocurrency exchanges to obtain temporary approval, an applicable product license, and a full market product license.
Komainu has completed the final step of the VARA licensing process after nearly 10 months of obtaining the MVP license in November 2022. Some prominent digital currency exchanges that currently share the same operational status include Binance, Bybit, Laser Digital Middle East, BitOasis (suspended), OKX, Crypto.com, FTX (withdrawn), and Huobi.
Sebastian Widmann, the Chief Strategy Officer of Komainu, emphasized the importance of obtaining a desirable regulatory status for business growth. Komainu did not respond to Cointelegraph’s request for comment at the time of writing.
Komainu is also regulated by the Jersey Financial Services Commission, where its headquarters are located. The VARA licensing program allows Komainu to provide a comprehensive range of custody services, including institutional investment management and insurance management through the Komainu Connect insurance management service.
The Dubai Artificial Intelligence and Web 3.0 Center announced a decision to support licensing costs for companies wishing to establish branches in the city. These licenses will be issued by the Dubai International Financial Centre (DIFC), as the city aims to attract global talents and diverse investors.