Digital asset custody provider Komainu has initiated the acquisition of Singapore’s Propine Holdings, which includes Propine Technologies, a local custody provider. While the transaction's value remains undisclosed, its approval from the Monetary Authority of Singapore (MAS) is required. Propine holds a Capital Markets Services License crucial for Komainu's expansion strategy in Asia. After the acquisition, Komainu plans to apply for a Major Payment Institution license from the MAS. Komainu's CEO, Paul Frost-Smith, emphasized that this acquisition would enhance their capacity to meet the growing demand for their services, particularly Komainu Connect. Propine CEO Tuhina Singh stated that the company will operate under the Komainu brand following the acquisition. Komainu, backed by Japan's Nomura and other crypto firms, has already made strides outside Japan, registering with Dubai's Virtual Asset Regulatory Authority and the UK's Financial Conduct Authority, and believes the acquisition aligns with its growth objectives.

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