Komainu, a regulated custodian platform for digital assets, has received the Minimum Viable Product (MVP) Licence from Dubai’s Virtual Assets Regulatory Authority (VARA), the company said on Tuesday.
The firm is a venture between Japanese investment bank Nomura, Europe-based digital asset manager CoinShares and French digital asset security company Ledger. It received a provisional license to operate in Dubai in July.
The MVP license means that Komainu can now provide an approved range of virtual asset-related services to institutional investors in Dubai, under an internationally benchmarked legislative framework for Virtual Asset Service Providers (VASPs).
Komainu has become the first institutional digital asset custodian to receive this kind of MVP license approval from VARA.
VARA was established in march last year by Dubai’s ruler Sheikh Mohammed Bin Rashid to license & regulate the virtual asset sector in Dubai and oversee all licensing requirements for the authorization of virtual asset operations under UAE law.
The regulatory body is tasked with building an advanced legal framework to protect investors and establishing international standards for virtual asset industry governance, to enable responsible business growth in the emirate.
On the occasion VARA Chairman, Helal Saeed Al-Marri made observations about the current phase of heightened global appreciation for responsible virtual asset management. He further proceeded to offer warm congratulations to the team of Komainu on successfully joining the MVP phase of the regulatory regime.
The chairman further added, “The VARA regime is structured to catalyse collaboration and prioritize public protection with a mission to provide a progressive regulatory framework for the virtual assets industry.”
Over the past few months, a number of cryptocurrency-related platforms have been awarded licenses to operate in Dubai, including Bahrain’s cryptocurrency asset trading platform CoinMena, some of the largest cryptocurrency exchange and the now-bankrupt FTX.
Komainu positions itself as a gatekeeper to institutional investors entering the world of the virtual asset industry by offering them secure and regulated virtual asset custody services. Over the years, Komainu has become one of the leading providers of virtual asset custody services for institutional clients, offering the same safeguards and protections investors are accustomed to in traditional finance.
On being issued the MVP Licence, the CEO of Komainu, Nicolas Bertrand, talked about the team’s excitement for the development of the virtual asset industry in the UAE & their plan to make a strong positive impact in the region. He further asserted that Komainu will actively work with regulators, partners, and clients to ensure the platform and the overall industry is held to the highest of standards to facilitate the wide adoption of virtual assets by institutions.
With the full MVP license now granted by VARA, Komainu looks forward to launching its services in the MEA region and assisting institutions in gaining exposure to virtual assets, whilst relying on secure and regulated virtual asset custody services.
Komainu granted MVP license by Dubai’s Crypto regulator VARA
Komainu, a regulated custodian platform for digital assets, has received the Minimum Viable Product (MVP) Licence from Dubai’s Virtual Assets Regulatory Authority (VARA), the company said on Tuesday.
The firm is a venture between Japanese investment bank Nomura, Europe-based digital asset manager CoinShares and French digital asset security company Ledger. It received a provisional license to operate in Dubai in July.
The MVP license means that Komainu can now provide an approved range of virtual asset-related services to institutional investors in Dubai, under an internationally benchmarked legislative framework for Virtual Asset Service Providers (VASPs).
Komainu has become the first institutional digital asset custodian to receive this kind of MVP license approval from VARA.
VARA was established in march last year by Dubai’s ruler Sheikh Mohammed Bin Rashid to license & regulate the virtual asset sector in Dubai and oversee all licensing requirements for the authorization of virtual asset operations under UAE law.
The regulatory body is tasked with building an advanced legal framework to protect investors and establishing international standards for virtual asset industry governance, to enable responsible business growth in the emirate.
On the occasion VARA Chairman, Helal Saeed Al-Marri made observations about the current phase of heightened global appreciation for responsible virtual asset management. He further proceeded to offer warm congratulations to the team of Komainu on successfully joining the MVP phase of the regulatory regime.
The chairman further added, “The VARA regime is structured to catalyse collaboration and prioritize public protection with a mission to provide a progressive regulatory framework for the virtual assets industry.”
Over the past few months, a number of cryptocurrency-related platforms have been awarded licenses to operate in Dubai, including Bahrain’s cryptocurrency asset trading platform CoinMena, some of the largest cryptocurrency exchange and the now-bankrupt FTX.
Komainu positions itself as a gatekeeper to institutional investors entering the world of the virtual asset industry by offering them secure and regulated virtual asset custody services. Over the years, Komainu has become one of the leading providers of virtual asset custody services for institutional clients, offering the same safeguards and protections investors are accustomed to in traditional finance.
On being issued the MVP Licence, the CEO of Komainu, Nicolas Bertrand, talked about the team’s excitement for the development of the virtual asset industry in the UAE & their plan to make a strong positive impact in the region. He further asserted that Komainu will actively work with regulators, partners, and clients to ensure the platform and the overall industry is held to the highest of standards to facilitate the wide adoption of virtual assets by institutions.
With the full MVP license now granted by VARA, Komainu looks forward to launching its services in the MEA region and assisting institutions in gaining exposure to virtual assets, whilst relying on secure and regulated virtual asset custody services.