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 <p class="p3"><span class="s1">Komainu, a collaborative endeavor formed by financial giants Nomura, digital asset manager CoinShares, and digital asset security company Ledger, has successfully secured a Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai. This milestone achievement marks a significant step forward in Komainu’s mission to offer institutional clients secure and compliant custody services for digital assets.</span></p> 
 <p class="p3"><span class="s2">According to the company statement</span><span class="s1">, this recent accomplishment signifies a promising chapter in its operations within Dubai. The company’s subsidiary, Komainu MEA FZE, underscores its commitment to establishing a significant regional presence aligned with its strategic objectives.</span></p> 
 <p class="p3">The company highlighted that by completing this last phase of VARA’s licensing procedure, Komainu becomes capable of providing its comprehensive range of custody services. These services encompass institutional staking and collateral management through its Komainu Connect platform, and they are available to customers in the Emirate.</p> 
 <p class="p3"><span class="s1">Sebastian Widmann, Head of Strategy at Komainu, expressed enthusiasm about Dubai’s opportunities. He stated,&nbsp;</span></p> 
 <blockquote> 
  <p class="p4"><span class="s1">We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches.</span></p> 
 </blockquote> 
 <p class="p3"><span class="s1">Widmann acknowledged Dubai’s dynamic digital asset environment and added:&nbsp;</span></p> 
 <blockquote> 
  <p class="p4"><span class="s1">Dubai has a vibrant digital asset ecosystem and impressive talent pool, and we are proud to contribute to the growth of this innovative financial hub. Our presence and desirable regulatory status in the region marks another differentiator for us as we execute the next phase of our business</span></p> 
 </blockquote> 
 <h2 class="p5" id="span-class-s1-vara-s-licensing-process-span"><span class="s1">VARA’s Licensing Process</span></h2> 
 <p class="p3"><span class="s2">VARA has emerged as a pioneer </span><span class="s1">in crafting a regulatory framework that stands as a beacon of clarity amid the regulatory uncertainties witnessed in various parts of the world. This approach has attracted a growing number of companies seeking regulatory approval. Gaining a VARA license involves a process that includes provisional approval, securing a Minimum Viable Product (MVP) license, and finally obtaining a full market product license.&nbsp;</span></p> 
 <figure id="attachment_432090" aria-describedby="caption-attachment-432090" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class=" wp-image-432090" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20830%20191'%3E%3C/svg%3E" alt="Four-stage licensing process of VARA " width="830" height="191" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/08/22/93038f78129d5f475534eaae760704f5.webp 300w, https://cdn.thebittimes.com/images/2023/08/22/93038f78129d5f475534eaae760704f5.webp 768w, https://cdn.thebittimes.com/images/2023/08/22/93038f78129d5f475534eaae760704f5.webp 927w" data-lazy-sizes="(max-width: 830px) 100vw, 830px" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/22/93038f78129d5f475534eaae760704f5.webp"> 
  <noscript> 
   <img decoding="async" class=" wp-image-432090" src="https://cdn.thebittimes.com/images/2023/08/22/93038f78129d5f475534eaae760704f5.webp" alt="Four-stage licensing process of VARA " width="830" height="191" srcset="https://cdn.thebittimes.com/images/2023/08/22/93038f78129d5f475534eaae760704f5.webp 300w, https://cdn.thebittimes.com/images/2023/08/22/93038f78129d5f475534eaae760704f5.webp 768w, https://cdn.thebittimes.com/images/2023/08/22/93038f78129d5f475534eaae760704f5.webp 927w" sizes="(max-width: 830px) 100vw, 830px"> 
  </noscript> 
  <figcaption id="caption-attachment-432090" class="wp-caption-text">
    Four-stage licensing process of VARA (Source: VARA) 
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 </figure> 
 <p class="p3"><span class="s1">Komainu’s journey through these stages reached its pinnacle with achieving the complete ope<a rel="noopener noreferrer nofollow" title="rating" href="https://thebittimes.com/tag/rating.html">rating</a> license after obtaining the MVP license in November 2022.</span></p> 
 <h2 class="p5" id="span-class-s1-notable-players-and-licenses-span"><span class="s1">Notable Players and Licenses</span></h2> 
 <p class="p3"><span class="s1">The news of Komainu’s successful license acquisition arrives against the backdrop of Dubai’s dynamic and evolving industry landscape. Other prominent players in the cryptocurrency exchange sector have also been seeking and securing licenses from VARA.&nbsp;</span></p> 
 <p class="p3"><span class="s1">Bybit, for instance, was granted a preliminary Minimum Viable Product (MVP) license in June. Similarly, <span class="s3">OKX, one of the largest cryptocurrency exchanges</span> by volume, obtained an MVP Preparatory license in the same month. Binance, the world’s largest cryptocurrency exchange, <span class="s3">joined the ranks in July 2023 </span>after fulfilling the pre-conditions set by VARA, which it received in September 2022.</span></p> 
 <p class="p3"><span class="s2">Established in 2018 and launched in 2020</span><span class="s1">, Komainu is a regulated digital asset custodian that safeguards assets for a diverse clientele, including exchanges, financial institutions, asset managers, corporations, and government agencies.&nbsp;</span></p> 
 <p class="p3"><span class="s1">The company’s success story results from a collaboration between industry giants. Jointly built by Nomura, <span class="s3">CoinShares</span>, and <span class="s3">Ledger</span>, the custodial platform brings together the expertise and experience of these financial powerhouses. Headquartered in Jersey, Komainu is also regulated by the Jersey Financial Services Commission (JFSC).</span></p> 
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Nomura, CoinShares, and Ledger JV Wins Dubai Operating License

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