Dubai Grants Crypto License to Ledger & CoinShares Backed Firm
Dubai ’s Virtual Asset Regulatory Authority (VARA) has approved crypto custodian Komainu to provide services to its clients in the region. Komainu is a joint venture between Japanese financial institution Nomura, blockchain firm Ledger, and crypto investment firm CoinShares. According to the report, the firm is the first crypto custodian to receive a full Virtual Asset Service Provider (VASP) license in Dubai . Dubai ’s VARA has four stages before getting a full license. Firstly, the firm gets a provisional permit. This is followed by preparatory and operating a minimal viable product (MVP) license. And finally, if everything checks out, the firm receives a full market product (FMP) license. Also Read: Dubai Regulator Imposes Fines on 3AC Founders Linked to OPNX Exchange Komainu received preliminary approval to operate in Dubai in July 2022. The firm received its MVP license a few months later, in November, before finally receiving the FMP license. The FMP license al...