Komainu, the cryptocurrency custody joint venture of Nomura, Ledger and CoinShares, has received an operating license from the Virtual Asset Regulatory Authority (VARA) in Dubai.

Komainu can now offer its full range of custody services, including institutional staking and collateral management via its Komainu Connect platform, to clients in the emirate, the company said in a statement. The platform allows clients to deploy their digital assets in collateralization scenarios while they remain in segregated custody, verifiable on-chain.

The region has been making a push to attract crypto business. In March 2022 the UAE announced VARA as the world’s first independent crypto regulator. Laser Digital, the digital asset subsidiary of financial services giant Nomura, received an operating license from VARA earlier this month. Binance, the world’s largest crypto exchange, won a license to operate in Dubai in July.

“We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches,” said Sebastian Widmann, head of strategy at Komainu.

Komainu launched in June 2020, and provides custody services to exchanges, financial institutions, asset managers, corporations and government agencies.

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