Nexo's Dubai entity secures initial approval to offer crypto services

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Nexo’s Dubai entity, Nexo DWTC, has been awarded initial approval by Dubai’s Virtual Assets Regulatory Authority (VARA) for “Virtual Asset Lending & Borrowing, Management & Investment, and Broker-Dealer” activities. This milestone positions Nexo as one of the first digital asset lending institutions to enter the Dubai market. Upon full licensing, Nexo’s services will be integrated into its platform, adhering to the United Arab Emirates’ (UAE) regulatory framework and available to users via mobile and web access.

Dubai has become a hub of financial innovation and entrepreneurship and continues to shape the future of finance with progressive regulations and a culture of innovation. The UAE, known for its adoption of advanced technologies like blockchain, is home to top financiers, tech pioneers, and visionary companies.

“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,” says Kalin Metodiev, CFA, co-founder and managing partner at Nexo.

Since launching its blockchain strategy in 2016 and establishing VARA in 2022, Dubai has reinforced its position as a global center for digital asset innovation. Nexo, with a user base of 7 million, views the Dubai market as crucial to its regional expansion and commitment to offering premium services.

Nexo advertises with Crypto Briefing. The editorial team independently selected this article for publication.

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