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
  • 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.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

New short and long-term priorities include L1 gas boosts, ZK-EVMs, privacy reads, and a lean, quantum-resistant Ethereum

by Blockworks /
article-image

The new stBTC token redistributes Bitcoin gas fees to users, creating liquid yield without inflation or lockups

by Blockworks /
article-image

The reserve will collect protocol revenues to back W token, alongside new yield and unlock schedule

by Blockworks /
article-image

Layer 2 network Taiko integrates Chainlink Data Streams to deliver reliable onchain market data for DeFi and institutions

by Blockworks /
article-image

The license will allow Bullish to operate in New York under strict digital asset rules

by Blockworks /
article-image

The derivatives giant expands crypto offerings with new Solana and XRP futures options, pending regulatory review

by Blockworks /