Despite the current crypto bear market, a number of crypto-focused organizations are collecting regulatory approvals from Dubai's VARA left and right.
Komainu, a Nomura-backed digital asset custodian founded back in 2018, has recently announced that it scored a provisional virtual assets license in Dubai.
According to the official announcement issued on July 27th, the provisional regulatory approval, granted by the Dubai Virtual Assets Regulatory Authority (VARA), will allow the company to offer its crypto-related services in Dubai, once fully approved.
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If VARA goes through with the initiative, Komainu, specializing in custody solutions to secure digital assets for financial organizations, will become the first regulated crypto custody provider in Dubai. However, it is still unclear when the company might receive the final approval.
On top of that, Sebastian Widmann, head of strategy at Komainu, mentioned that the company is constantly working shoulder to shoulder with a number of regulators and partners to expand and stay at the top of the market chain. He added:
"By expanding into the MENA region, we are bringing a much-needed service to institutions operating within a regulated crypto marketplace."
Widmann also noted that the company would be setting its foot in the Middle East and launching new products in the upcoming future.
Likewise, Helal Saeed Almarri, chairman of VARA, noted that the watchdog is looking forward to working with Komainu as it's a superb example of a credible and trustworthy player in the crypto ecosystem.
In fact, Komainu isn’t the only crypto-driven organization to delve into the tax-free commerce hub, Dubai. For instance, earlier this year, crypto exchanges OKX, FTX, Crypto.com, and Binance were also given the green light to branch out their services across the region.
Likewise, a few weeks back, crypto fund manager Fintonia Group also collected a provisional virtual assets license from VARA.
On another note, last week, Dubai rolled out a metaverse-based initiative to support more than 40k virtual jobs by 2030 and add $4 billion to Dubai’s gross domestic product (GDP) in the next five years.
