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Nomura-Backed Crypto Custody Firm Komainu Wins Operating License in Dubai

The company can now offer its full range of digital asset custody services to clients in the emirate, including institutional staking and collateral management.

By Will Canny
AccessTimeIconAug 22, 2023 at 10:01 a.m. UTC
Updated Sep 1, 2023 at 3:20 p.m. UTC
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Komainu, the cryptocurrency custody joint venture of Nomura, Ledger and CoinShares, has received an operating license from the Virtual Asset Regulatory Authority (VARA) in Dubai.

Komainu can now offer its full range of custody services, including institutional staking and collateral management via its Komainu Connect platform, to clients in the emirate, the company said in a statement. The platform allows clients to deploy their digital assets in collateralization scenarios while they remain in segregated custody, verifiable on-chain.

The region has been making a push to attract crypto business. In March 2022 the UAE announced VARA as the world’s first independent crypto regulator. Laser Digital, the digital asset subsidiary of financial services giant Nomura, received an operating license from VARA earlier this month. Binance, the world’s largest crypto exchange, won a license to operate in Dubai in July.

“We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches,” said Sebastian Widmann, head of strategy at Komainu.

Komainu launched in June 2020, and provides custody services to exchanges, financial institutions, asset managers, corporations and government agencies.

Read more: OKX Chooses Nomura-Backed Crypto Storage Firm Komainu as Custodian

Edited by Sheldon Reback.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Will Canny

Will Canny is CoinDesk's finance reporter.

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