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Nexo, a leading digital assets institution, has achieved a significant milestone in its expansion strategy, securing Initial Approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for its Dubai entity, Nexo DWTC.
The approval covers Virtual Asset Lending & Borrowing, Management & Investment, and Broker-Dealer activities, positioning Nexo as a frontrunner in the digital asset lending space in Dubai.
Nexo’s expansion into Dubai
Dubai, renowned for its progressive regulatory environment and innovation culture, presents a lucrative market for Nexo’s advanced financial solutions.
The VARA established in March 2022, plays a pivotal role in regulating and overseeing virtual assets and activities across Dubai. Its mandate includes creating a robust legal framework to protect investors and uphold international standards in the virtual asset industry.
With this approval, Nexo is set to leverage its expertise to cater to the region’s growing demand for digital asset services, in compliance with local regulations set forth by VARA.
Kalin Metodiev, CFA, Co-founder and Managing Partner at Nexo, expressed enthusiasm about the opportunity to contribute to Dubai’s dynamic ecosystem. He stressed Nexo’s commitment to pioneering lending, brokerage, management, and investment solutions aligned with VARA’s regulatory framework.
Invezz reached out to Kalin Metodiev on what makes Dubai a key location for Nexo’s expansion and he emphasized that Dubai is at the forefront of elevating finance and entrepreneurship, fueled by forward-looking regulations and an ethos of innovation. Nexo aims to contribute to the regional ecosystem through pioneering lending, brokerage, management, and investment solutions.
Metodiev stated that the Initial Approval positions Nexo as one of the first digital asset institutions seeking to expand into Dubai’s pivotal market. Once licensed, Nexo plans to make its services accessible to clients through the Nexo platform, ensuring compliance with local regulations. Available on both mobile and web platforms, the services will include Lending & Borrowing, Asset Management & Investment, and Broker-Dealer Activities.
Nexo, with over 7 million users and a track record of processing billions of transactions, is well-positioned to capitalize on Dubai’s burgeoning digital asset market. The company’s comprehensive suite of products, including advanced trading solutions and asset-backed credit lines, aims to maximize the value and utility of digital assets for both retail and institutional clients.
As Dubai continues to shape the future of finance through forward-looking regulations and a culture of innovation, Nexo’s presence in the market underscores its commitment to regional growth and delivering premium services to its clients.
With Dubai’s support, Nexo is poised to play a key role in advancing the virtual asset industry and contributing to the vision of a borderless economy.
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