Komainu Gets Full License In Dubai
Komainu has acquired clearance from Dubai’s Virtual Asset Regulatory Authority (VARA) to provide custody services to clients in Dubai.
The crypto custodian is one of the first to get a full Virtual Asset Service Provider (VASP) license in a location where several companies in the sector have tried to establish outposts. After the emirate launched VARA in March 2022, crypto companies’ interest in Dubai increased.
Komainu’s strategy lead, Sebastian Widmann, praised VARA’s robust regulatory framework for firms to innovate and explore digital assets like tokenization and DeFi services. The company uses a four-stage licensing process, including provisional permits, MVP licenses, and full market product licenses. This final step enables Komainu to offer institutional staking, collateral management, custody, and custodial staking in the region.
(With inputs from Shikha Singh)
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