Komainu is the first ‘dedicated’ institutional digital asset custodian to receive MVP approval from VARA.
29 November 2022, 12:00 AM
31 December 2022, 12:00 AM
Komainu, a regulated digital asset custody provider, has received the minimal viable product (MVP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA), following the issuance of its provisional approval in July this year.
VARA is the world's first specialised regulator for the virtual assets sector. Established in March 2022, VARA is responsible for licensing and regulating the virtual asset sector in Dubai, and oversees all licensing requirements for authorisation of virtual asset activities under UAE law.
The transition to an MVP licence, from a provisional approval received earlier this year, means Komainu can provide institutional clients in the UAE with virtual assets custodial services as well as management services.
The MVP licence means that Komainu can offer an approved range of virtual asset-related services to institutional investors in Dubai within an internationally benchmarked legislative framework for virtual asset service providers (VASPs) following completion of its readiness requirements.
Nicolas Bertrand, CEO of Komainu, commented: “We continue to be very excited by the development of the virtual asset industry in the UAE and are keen to have a strong positive impact in the region. Komainu actively works with regulators, partners and our clients to make sure that our platform and the overall industry is held to the highest of standards to facilitate the wide adoption of virtual assets by institutions. With the full MVP licence now granted by VARA, we look forward to launching our services in the MEA region and assist institutions in gaining exposure to virtual assets, whilst relying on secure and regulated virtual asset custody services.”