Komainu, a cryptocurrency custodian supported by Nomura Holdings, is preparing to acquire Propine Holdings Pte Ltd, a Singapore-based company. The deal is currently pending approval from the Monetary Authority of Singapore (MAS). If approved, the acquisition will provide Komainu with a Capital Market Services license in Singapore, allowing the company to expand its business in the region. This move is part of Komainu’s broader strategy to strengthen its presence in Asia, where regulatory frameworks for digital assets are well-established. Komainu also plans to apply for a Major Payment Institution license in Singapore to offer full payment services. The company has observed increased interest in its advisory and collateral management services from private banks, hedge funds, and asset managers in Singapore. Komainu views Singapore as a crucial strategic hub in Asia, and the acquisition of Propine will enhance its capabilities to meet growing client demands. Japan remains a significant market for Komainu, and the company expects it to play a pivotal role in its future growth. While Komainu is preparing for a funding round, the exact amount has not been disclosed yet. In other news, Japan is considering reducing its crypto tax rates to align them with other financial assets, with the potential for a flat 20% tax rate on crypto profits. The country’s financial regulator, the Financial Services Agency (FSA), has proposed this reform to make cryptocurrencies more accessible for public investment. Japan’s crypto market is expected to grow rapidly, with the number of daily traders projected to reach around 500,000 by the end of this year. This growth would position Japan’s market size between Turkey and Indonesia and two-thirds the size of South Korea’s market. Japan is seen as a dynamic and evolving landscape for cryptocurrencies, offering exciting possibilities for new technologies and widespread adoption.
