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- Nexo’s Dubai entity secures initial approval for key digital asset activities.
- Dubai’s VARA approval positions Nexo in the forefront of digital finance.
- Nexo eyes pivotal Dubai market for expansion with regulatory compliance.
In a significant development, Nexo, a prominent digital assets institution, disclosed that its Dubai entity, Nexo Services FZE, has achieved Initial Approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for Virtual Asset Lending & Borrowing, Management & Investment, and Broker-Dealer activities.
This initial approval marks a crucial milestone in the licensing process, positioning Nexo as a pioneering digital asset lending institution seeking to enter the influential Dubai market. Once fully licensed, Nexo’s solution will be integrated into the Nexo platform, offering compliant services to clients through both mobile and web platforms.
Dubai, situated in the heart of the UAE, is at the forefront of shaping the future of finance and entrepreneurship. With progressive regulations and a culture of innovation, Dubai attracts global financiers, tech visionaries, and leading companies. The UAE, known for embracing advanced technologies like blockchain, has become a hub for digital innovation.
Kalin Metodiev, CFA, Co-founder, and Managing Partner at Nexo, expressed enthusiasm about contributing to the regional ecosystem and implementing innovative solutions aligned with Dubai’s Virtual Asset Regulatory Authority’s transformative guidance.
Dubai’s establishment of VARA in 2022 and its early adoption of blockchain strategies in 2016 highlight its global influence in both digital assets and traditional finance. With 7 million users, Nexo sees the Dubai market as pivotal, emphasizing its commitment to regional growth through premium digital asset services. This move reflects Nexo’s dedication to expanding its footprint in the rapidly evolving landscape of digital finance.