Crypto Custodian Komainu Follows Exchanges to Dubai

Komainu joins crypto exchanges FTX, Binance, Crypto.com and OKX in Dubai’s new blockchain industry hub

article-image

Dubai skyline | Source: Shutterstock

share

key takeaways

  • Komainu seeks to launch institutional-focused yield product and other services in Dubai
  • The company is aiming for at least 10 employees in the emirate by the end of the year

Crypto custodian Komainu has gained provisional regulatory approval to operate in Dubai, becoming the latest blockchain firm to begin setting up shop in the region.

Founded in 2018, Komainu was created by Japanese investment bank Nomura, European digital asset manager CoinShares and French hardware wallet maker Ledger. 

Komainu, which is headquartered in the Channel Islands, now seeks to employ at least 10 staff in its new Dubai outpost by the end of the year.

“Komainu is looking to provide custody and yield services to local exchanges and fund managers as well as help new market participants enter the digital asset industry in the region,” Sebastian Widmann, Komainu’s head of strategy, told Blockworks in an email.  

The initial approval came from Dubai’s Virtual Assets Regulatory Authority (VARA), which was established in March. The company will work with the regulator to apply for a full license, Widmann said, but did not comment on a timeline for that approval. 

Dubai and VARA are creating a regulatory framework to inspire a local hub for digital asset businesses, according to the executive.

“Komainu actively works with regulators, partners and our clients to make sure that our platform is held to the highest of standards, and this latest endorsement by the Dubai Government is a further testament to that fact,” Widmann said in a statement. “By expanding into the [Middle East and North Africa] region, we are bringing a much-needed service to institutions operating within a regulated crypto marketplace.”

The company will seek to launch Komainu Yield — allowing institutions to earn yield on assets custodied with the company — and other new services in the emirate, the executive told Blockworks.

Komainu’s move to the emirate is not unique, as Dubai granted virtual asset licenses to FTX and Binance in March. Crypto.com and Hong Kong-based crypto custodian Hex Trust gained regulatory approval to conduct business in the region in June. More recently, OKX revealed plans earlier this month to build its presence in Dubai.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Pipe Network is a decentralized content delivery network (dCDN) that replaces the sparse, capital intensive data center footprint of traditional CDNs with a permissionless mesh of independent node operators. By orchestrating under-utilized resources that already exist at the edge, rather than purchasing or leasing thousands of servers, Pipe slashes capital intensity while letting supply expand autonomously in the places where bandwidth is scarcest and most expensive.

article-image

ETH’s “breakout marks a significant structural shift and clears the path towards…$4,000,” Kraken’s OTC desk noted

article-image

Fiscal dominance isn’t about interest rates and it isn’t about Trump, either

article-image

Firestarter Storage brings decentralized storage and delivery to Solana

article-image

After lengthy closing arguments on Wednesday, the case is now in the hands of 12 jurors

article-image

Analysts cite weak trading volume and regulatory progress as factors

article-image

Builders weigh in on Ethereum’s first decade and the decisions that will define its next one