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Dubai's Crypto Revolution Continues: Komainu Secures Full License for Unleashing Digital Asset Potential

Jack Evans
Aug 23, 2023 at 09:13 am

In a groundbreaking move that echoes across the cryptocurrency landscape, Komainu, the pioneering crypto custody service, has achieved a resounding victory in Dubai. Backed by the formidable partnership of Nomura, Ledger, and CoinShares, Komainu has emerged as the ultimate beneficiary of Dubai's Virtual Asset Regulatory Authority (VARA) full operating license. This triumph not only cements Komainu's influence but also propels Dubai's aspirations to be a thriving nucleus in the crypto universe.

The chronicle of Komainu's triumphant license acquisition began in November 2022 when it embarked on a meticulously orchestrated journey through Dubai's regulatory labyrinth. The arduous process encompassed four pivotal stages: a provisional permit, preparatory and operating minimally viable product (MVP) licenses, culminating in the grand finale, the full market product (FMP) license. With each step, Komainu showcased its dedication to robust compliance and unrivaled operational standards.

Established in 2018 as a collaborative venture between Ledger, CoinShares, and Nomura, Komainu has been at the forefront of facilitating secure and regulated digital asset custody and staking services. Nomura, a venerable global financial services juggernaut rooted in Asia, brings to the partnership a rich legacy of comprehensive financial solutions spanning retail banking, asset management, investment banking, and brokerage services.

This newly obtained full license now empowers Komainu to offer an expansive array of services to its discerning clientele in Dubai. Beyond conventional custody solutions, the company is poised to usher in an era of institutional staking, collateral management, and cutting-edge asset custody – services that resonate with Dubai's burgeoning cryptocurrency ambitions.

Dubai, with its iconic skyline and visionary leadership, has set its sights on becoming a prominent epicenter for the cryptocurrency realm. The city's ingenious strategies include luring influential players from the crypto sphere with a tantalizing zero-tax policy. Moreover, the Dubai AI and Web 3.0 Campus has extended a generous offer to subsidize licenses for companies eager to make the city their home, a gesture facilitated by the esteemed Dubai International Financial Center (DIFC).

As the sun sets on the horizon of possibilities, Dubai stands as a beacon of innovation and progress in the realm of cryptocurrency. Komainu's acquisition of the coveted full license not only propels its journey but also amplifies Dubai's resounding message to the world: Here, in the heart of the desert, a new digital era is dawning, and the city's aspirations to become a cryptocurrency powerhouse are taking root in the shifting sands of technological transformation.

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