Komainu, a joint venture between Nomura and crypto companies CoinShares and Ledger, has obtained a full operational license from Dubai’s Virtual Asset Regulation Authority (VARA). This license, previously obtained by many major cryptocurrency exchanges, allows promising companies in the field to establish themselves in the city or relocate their headquarters to Dubai.
Komainu Completes the Final Step
The United Arab Emirates has opened its doors to crypto innovations supported by federal grants and crypto-friendly regulations aimed at supporting entrepreneurs. Obtaining a VARA license in Dubai is a three-stage process that requires temporary approval, minimum viable product (MVP) license, and full market product license for cryptocurrency exchanges.
After obtaining the MVP license in November 2022, Komainu completed the final step in VARA’s licensing process approximately 10 months later. Other leading cryptocurrency exchanges that have previously obtained similar operational status include Binance, Bybit, Laser Digital Middle East, BitOasis (suspended), OKX, Crypto.com, FTX (cancelled), and Huobi.
Dubai Facilitates Companies
Sebastian Widmann, Chief Strategy Officer of Komainu, emphasized the importance of a desired regulatory status for business growth. Komainu also successfully completed its license application with the Jersey Financial Services Commission, where its headquarters are located. VARA’s license allows Komainu to offer all custody services, including institutional staking and custody management, through its custody management service, Komainu Connect.
Dubai recently decided to greatly facilitate obtaining commercial licenses for artificial intelligence (AI) and Web3 businesses. The Dubai Artificial Intelligence and Web 3.0 Campus announced the decision to provide licenses to companies wishing to establish themselves in the city. The licenses will be issued by the Dubai International Financial Centre (DIFC), enabling the city to gain global talent and a diverse investor profile.
