According to a press statement, Komainu, a digital asset custodian backed by $471 billion Japanese investment bank Nomura, has been temporarily authorized to operate in Dubai. Dubai’s Virtual Assets Regulatory Authority (VARA) gave the operational readiness standard to Komainu as the regulator’s need for due diligence. As a result, the company only has provisional approval. Komainu will be among the first organizations of its kind in the area to be regulated entirely, VARA Chairman H.E. Helal Saeed Almarri said. Komainu Enters VARA System The entry of Komainu into the VARA system “is representative of the confidence and legitimacy that the Virtual Assets industry is developing when supported by such strong endorsement from traditional finance heavyweights like Nomura,” VARA Chairman said. Komainu is a partnership between Ledger, a provider of digital asset security, CoinShares, a manager of digital assets, and the largest bank in Japan, Nomura. Through this collaboration, Komainu intends to bring institutional digital asset custody to the area and support Dubai’s efforts to establish itself as a center for bitcoin and other cryptocurrencies. Dubai and VARA are creating a new center for enterprises dealing in digital assets and inviting like-minded businesses to the nation to aid in developing its expanding crypto ecosystem. Sebastian Widmann, head of the strategy at Komainu, said, “We look forward to contributing to these exci...
