Key Points:
- Komainu, a crypto custody service, has obtained a full operating license from Dubai’s Virtual Asset Regulatory Authority (VARA).
- The licensing process started in November 2022 and involved four steps.
- Komainu was founded in 2018 as a joint venture between Ledger, CoinShares, and Nomura.
- The new license allows Komainu to offer institutional staking, collateral management, and asset custody in Dubai.
- Dubai is actively positioning itself as an attractive destination for the cryptocurrency industry.
Your Take:
Komainu’s acquisition of a full operating license from Dubai’s VARA is a significant milestone for the company and a positive development for the cryptocurrency industry in Dubai. With institutional staking, collateral management, and asset custody services now available, Komainu can cater to the growing demand for crypto-related services in Dubai. This move aligns with Dubai’s ambition to establish itself as a leading global player in the crypto space, attracting major companies and offering favorable policies and incentives. The city’s efforts to position itself as a crypto hotspot, along with initiatives like subsidizing licenses for relocating companies, demonstrate its commitment to fostering innovation and growth in the cryptocurrency sector.
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