Today, digital asset custodian Komainu announced that it has received a Minimum Viable Product (MVP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This means that Komainu can provide UAE institutions with digital asset custody and virtual asset management services.

Komainu was founded in Jersey, UK in 2018 by Nomura, crypto custody technology firm Ledger and digital asset fund manager Coinshares.

“In this current phase of increased global recognition for the player responsible for virtual assets, VARA is pleased to add our first tradFi VASP: Komainu to join the MVP phase of the regulatory regime,” said His Excellency Helal Saeed Al-Marri, Chairman of STICK.

Komainu launched in 2020 and raised a $25 million Series A funding round early last year that included Alan Howard of Elwood Asset Management. Other investors include Galaxy Digital, NOIA Capital and Nomura Research Institute (NRI), all strategic partners.

In September, Nicolas Bertrand took over as CEO following a leadership position at Borsa Italiana.

Commenting on today’s VARA license, Bertrand commented: “Komainu is actively working with regulators, partners and our clients to ensure that our platform and the industry as a whole meet the highest standards to facilitate the broad adoption of virtual assets by the institutions”.

Meanwhile, Nomura is consolidating its interests in the digital asset sector at Laser Digital Holdings, a newly established subsidiary in Switzerland.

TradFi’s list of institutional custodians is constantly expanding and includes Zodia Custody of Standard Chartered, BNY Mellon, State Street, BNP Paribas Securities Services (BNPP SS), Societe General Securities Services (SGSS) and SIX Digital Exchange.