Crypto Custodian Komainu follows exchanges to Dubai

Crypto Custodian Komainu follows exchanges to Dubai

The crypto depot bank Komainu has received the preliminary official approval for the company in Dubai and is therefore the latest blockchain company that begins with the branch in the region.

Komainu was founded in 2020 and was founded by the Japanese investment bank Nomura, the European Digital Asset Manager Coinshares and the French hardware wallet manufacturer Ledger.

Komainu, which has its headquarters on the canal islands, is now aiming to hire at least 10 employees in his new outpost in Dubai by the end of the year.

"Komainu would like to offer local stock exchanges and fund managers custody and return services and help new market participants in entering the digital-asset industry in the region," said Sebastian Widmann, Head of Strategy at Komainu, in an email to Blockworks.

The first approval came from Dubais Virtual Assets Regulatory Authority (Vara), which was founded in March. The company will work with the supervisory authority to apply for a complete license, said Widmann, but did not comment on a schedule for this approval.

According to the executive, Dubai and Vara create a regulatory framework to inspire a local center for digital-asset companies.

"Komainu actively works with regulatory authorities, partners and our customers to ensure that our platform corresponds to the highest standards, and this latest confirmation by the government of Dubai is further evidence," said Widmann in a statement. "By expansion to the [Middle East and North Africa] region, we offer institutions that work on a regulated crypto marketplace, an urgently needed service."

The company will try to start Komainu-Ertertrag To achieve assets - and other new services in the Emirate, the manager told Blockworks.

The move of Komainu to the Emirate is not an isolated case, since Dubai granted licenses for virtual assets to FTX and Binance in March. Crypto.com and the Hong Kong crypto custodian Hex Trust received official approval in June to do business in the region. Recently, Okx announced plans to expand his presence in Dubai at the beginning of this month.

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The article Crypto Custodian Komainu Follow Exchanges to Dubai is not a financial advice.