Nexo, a leading digital assets organization, announced that its Dubai entity, Nexo Services FZE, has been awarded an Initial Approval [IA] by Dubai’s Virtual Assets Regulatory Authority (VARA), as reported by Nexo media.
TakeAway Points:
- Nexo has announced that Nexo Services FZE has been awarded an IA by Dubai’s VARA.
- The IA will enable Nexo to render virtual asset lending & borrowing, management & investment, and broker-dealer activities in Dubai.
- Nexo users will be able to access these services both on mobile and online platforms.
Nexo Gets First Dubai Regulatory Approval
According to the report, Nexo can carry out activities including virtual asset lending & borrowing, management & investment, and broker-dealer activities with the aid of the IA.
This IA positions Nexo as one of the first digital asset financing institutions seeking to grow into the key Dubai market. Once licensed, Nexo users will be able to access the solution on both mobile and online platforms, and Nexo will provide it in accordance with local rules through the Nexo platform.
“From the UAE, the global leader for vision, governance, and innovation, Nexo aims to contribute to the regional ecosystem through pioneering lending, brokerage, management, and investment solutions. Nexo is enthusiastic about the pursuit of new market strategies aligned with the transformative guidance of Dubai’s Virtual Asset Regulatory Authority,”
Kalin Metodiev, CFA, Co-founder and Managing Partner at Nexo. said.
The report also added that Dubai confirms its position as a global hub for digital asset innovation by launching one of the first blockchain initiatives in 2016 and launching VARA in 2022, reflecting its influence in the conventional banking sector.
