Bitcoin in Dubai – This Japanese banking giant is getting into cryptocurrencies

From the United States to the United Arab Emirates – This cryptocurrency custody company, backed by a major Japanese bank and major crypto players, can start working in Dubai, after it obtained an initial green light from the regulator. The company offers its services to institutionalwho wants to open up to cryptocurrencies.

Komainu under the skies of Dubai

“By expanding in the MENA region, we are providing an indispensable service to institutions operating in a regulated crypto market”: these words from Sebastian Widmann, director of strategy at Komainu, against the backdrop of the regulatory victory won by his company at Dubai.

According to a statement dated July 27, 2022, Komainu obtained a provisional authorization to operate in this city of the United Arab Emirates, an approval issued by the Virtual Assets Regulatory Authority.

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A crypto custodian for institutions

Komainu is a joint venture formed by Japanese banking giant Nomura, digital asset manager CoinShares, and crypto wallet provider Ledger. As of June 2020, the company offers regulated digital asset custody services, which are dedicated to institutions.

This joint venture project was first announced in 2018. When it came to fruition, Komainu was regulated by the Jersey Financial Services Commission.

Projects subject to permanent approval

If Komainu succeeds in obtaining a permanent license to practice in Dubai, it will then become one of the first companies in its sector to “act as a key keeper” for institutional investors in the region.

Komainu will offer them ” the same guarantees and protections than those offered by traditional finance players to institutions. The company specifies in its press release, that its services “have been designed by experts in security, financial services and cryptocurrencies”, in addition to having been “approved by external auditors”.

Komainu also projects to set up its regional headquarters in Dubaito enter the UAE market, once it has obtained full regulatory approval.

The crypto ecosystem in Dubai continues to grow, with the arrival of a new major player like Komainu, which could participate through its activities in a significant increase in the adoption of cryptocurrencies by institutions in the region. Komainu his temporary approval from the regulator, about two weeks after OKX cryptocurrency exchange has received its provisional license.

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