Nexo's entity based in Dubai has secured the initial approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer lending, borrowing, investment, and broker-dealer services for virtual assets. This marks the digital asset platform's entry into Dubai's digital asset space.

Kalin Metodiev, the Co-Founder and Managing Partner at Nexo, mentioned: "Nexo is enthusiastic about the pursuit of new market strategies aligned with the transformative guidance of Dubai's Virtual Asset Regulatory Authority."

Nexo's Global Expansion

Dubai established the VARA in 2022, highlighting the region's commitment to becoming a global hub for digital asset innovation. For Nexo, with its user base of 7 million, Dubai represents a significant opportunity in its global expansion plans.

Expect ongoing updates as this story evolves.