On October 27 th 2022, Q9 Capital published a press release where they unilaterally announced that they had received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA). LaraontheBlock since then has continuously been checking VARA’s website and no Q9 to be seen anywhere. Q9 is a crypto investment management platform offering capabilities to crypto and TradFi firms. So it should be on VARA’s website under TradFi, DeFi Asset Managers section, but it isn’t. VARA lists all the entities which have applied for a license and have provisional approval. So for example on VARA’s website under Native Crypto Exchanges, users can see Binance [Issued MVP Licence], BitOasis, Bybit, CoinMENA, Crypto.com, FTX Exchange FZE [Suspended MVP License], GCEX, Huobi, MidChains and OKX. Then under TradFi DeFi Custodians, you have the recently approved Hex Trust [Issued MVP Licence], Komainu [Issued MVP Licence] and then you have those who applied and have a p...

  Komainu, listed on VARA website as a DeFi (Decentralized Finance) digital asset custodian has received its minimum viable product license from Dubai’s Virtual Assets Regulatory Authority (VARA). This is following the issuance of its provisional approval in July 2022. This is a interesting development given the recent FTX scandal and the migration of crypto wallets from centralized exchanges to self custody. Komainu can now offer an approved range of virtual asset related services to institutional investors in Dubai within an internationally benchmarked legislative framework for virtual asset service providers (VASPs) following completion of its readiness requirements. The transition to an MVP license, from a provisional approval received earlier this year, means the firm can provide institutional clients in the UAE with Virtual Assets Custodial Services and Virtual Assets Management Services. Komainu MEA is the first ‘dedicated’ institutional digital asset custodian to rece...