Cryptocurrency Keeper Komainu Joins Dubai’s New Blockchain Industry Hub

Japanese cryptocurrency keeper Komainu has acquired temporary regulatory approval to work in Dubai, becoming the newest blockchain company to start opening stores in the region.

Initial approval came from Dubai’s Virtual Assets Regulatory Authority (VARA), introduced in March. The organization will work with the regulator to seek a full license, Widmann commented, but did not comment on the course of events for such approval.

The organization will also try to do so launch Komainu Yield, enabling institutions to generate a return on the assets held by the organization.

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Komainu hopes to outsource the custody and administration of yields to local operations and fund managers, as well as help new market members enter the digital asset industry in the region, said Sebastian Widmann, CTO of Komainu.

Read also: The Crown Prince of Dubai forms a senior committee for future technologies

Dubai and VARA are developing a regulatory framework to create a local hub for digital resource organizations.

“Komainu works actively with regulators, partners and our customers to ensure that our platform meets the highest standards, and this latest approval by the Dubai government is further testament to that,” Widmann said in a statement. Note.

Additionally, Widmann added: “Venturing into [Middle East and North Africa] region, we provide an indispensable service to institutions operating within a regulated cryptographic market “.

Founded in 2020, Komainu was created by Japanese investment bank Nomura, European digital asset manager CoinShares and French hardware manufacturer Ledger.

Channel Islands-based Komainu is currently looking to hire at least 10 people at its new Dubai outpost by the end of the year.

Komainu’s transition to the Emirates is irrelevant, as Dubai authorized virtual resource licenses to FTX and Binance in March. The UAE Investopia Summit also saw the cryptocurrency giants Crypto.com and Bybit they establish their bases in Dubai.

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