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Komainu is acquiring Singapore-based Propine Holdings to strengthen its Asian presence, pending approval of a Capital Market Services license from the MAS.
Key Notes
Komainu is acquiring Singapore-based Propine Holdings to expand its presence in the Asian crypto market.The takeover is still awaiting to secure the Capital Market Services license with the Monetary Authority of Singapore (MAS).Komainu is also working on applying for a Major Payment Institution license in Singapore.Popular cryptocurrency custodian Komainu, backed by Japan’s Nomura Holdings, is set to expand its presence in Asia’s fast-evolving cryptocurrency sector. As per a recent report by Bloomberg, Komainu is acquiring Singapore-based Propine Holdings Pte Ltd.
The acquisition, which is still awaiting a regulatory nod from the Monetary Authority of Singapore (MAS), is Komainu’s first and could be the start of more acquisitions in the future.
One of the “absolutely key factors” in this acquisition plan is securing a Capital Market Services license in Singapore. Co-CEO Paul Frost-Smith noted the importance of the license in a recent interview. The license will give Komainu a firm regulatory foundation in Singapore, allowing the custodian to expand its services in one of Asia’s most crypto-friendly jurisdictions.
The regulatory environment in Singapore has been favorable for cryptocurrency businesses, thanks to its transparent licensing framework and 0% capital gains tax for individual investors. Following major collapses like FTX in 2022, Singapore introduced stricter laws to promote responsible blockchain technology use while regulating crypto custody and transfer services. As the MAS continues to refine its regulations for the crypto sector, Komainu is well-positioned to capitalize on these developments.
The company is also planning to apply for a Major Payment Institution license in the island city-state. This would enable it to offer comprehensive payment services to private banks, hedge funds, and asset managers.
Frost-Smith also highlighted Japan as an important region for Komainu’s growth, given that it is Nomura’s home market. Japan, alongside Singapore, has been at the forefront of regulatory innovation for digital assets, making it a hub for Komainu’s operations. The custodian is experiencing massive demand from financial institutions in the country, especially for advisory and collateral management services.
Komainu’s push into Asia comes amid a broader trend of institutional interest in the region’s cryptocurrency market. Regulatory clarity in countries like Singapore, Hong Kong, and Japan has encouraged global players to establish a presence.
A Strong Global Footprint
Komainu was launched in 2018 as a joint venture between Nomura, crypto security firm Ledger, and CoinShares. It has built a reputation as a reliable custodian for a wide range of clients, including trading platforms, asset management companies, and government agencies.
Last year, Komainu expanded its offerings to the Middle East, securing a full operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). The company is also a licensed custodian with the United Kingdom’s Financial Conduct Authority (FCA).
The Propine’s takeover marks the next chapter in Komainu’s global expansion as it continues to enhance its offerings in key markets across Asia and the Middle East.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
