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Nexo, a digital assets institution and leading crypto lending platform, has reached a significant milestone, gaining preliminary approval from Dubai’s Virtual Assets Regulatory Authority.
Nexo’s (<a href="https://www.coingecko.com/en/coins/nexo" target="_blank" rel="noopener noreferrer nofollow">NEXO</a>) journey towards regulatory approval in Dubai has succeeded. The regulatory victory signifies a fresh start for Nexo and highlights the company’s commitment to compliance and growth in a new market.
The approval given to Nexo permits the institution to provide various services in Dubai, such as lending, borrowing, investment, and broker-dealer services for virtual assets. The progress follows <a href="https://www.reuters.com/technology/crypto-lender-nexo-seeks-3-bln-damages-bulgaria-over-aborted-investigation-2024-01-24/" target="_blank" rel="noopener noreferrer nofollow">regulatory hurdles</a> encountered by Nexo across some jurisdictions, indicating a favorable shift for the company.
Nexo’s <a href="https://nexo.com/media-center/nexo-dubai-entity-receives-initial-approval-from-dubai-virtual-assets-regulatory-authority-vara#" target="_blank" rel="noopener noreferrer nofollow">receipt</a> of this Initial Approval (IA) marks a significant milestone, positioning the company as one of the pioneering digital asset lending institutions seeking entry into Dubai’s crucial market.
Kalin Metodiev, CFA, co-founder and Managing Partner at Nexo, expressed the company’s enthusiasm for venturing into the UAE, which is renowned globally for its vision, governance, and innovation.
You might also like: <a href="https://crypto.news/dubais-chief-crypto-regulator-exits-as-vara-prepares-to-fine-major-companies/" rel="noopener noreferrer nofollow"> Dubai’s chief crypto regulator exits as VARA prepares to fine major companies </a>
Metodiev emphasized Nexo’s commitment to contributing to the regional ecosystem through innovative lending, brokerage, management, and investment solutions. He underscored the alignment of Nexo’s market strategies with the transformative guidance provided by Dubai’s Virtual Assets Regulatory Authority (<a href="https://crypto.news/nine-blocks-becomes-first-crypto-hedge-fund-approved-by-dubais-vara/" rel="noopener noreferrer nofollow">VARA</a>).
The regulatory landscape concerning cryptocurrencies and digital assets in the Middle East is undergoing significant changes, emphasizing the establishment of transparent guidelines and regulatory oversight.
Founded in March 2022, VARA is the authoritative body responsible for regulating, supervising, and overseeing virtual assets (VAs) and related activities throughout Dubai. This jurisdiction extends to all zones within Dubai, encompassing Special Development Zones and Free Zones, except the Dubai International Financial Centre.
The licensing process with VARA follows a structured three-step pathway. It starts with the IA phase before obtaining approval for a fully operational license.&nbsp;Regulations governing virtual assets were published in February 2023.
According to VARA’s public <a href="https://www.vara.ae/en/licenses-and-register/public-register/%C2%A0" target="_blank" rel="noopener noreferrer nofollow">register</a>, several crypto companies such as OKX, Nine Blocks Capital, Bybit, and BitOasis actively <a href="https://crypto.news/okx-middle-east-receives-mvp-preparatory-license-from-vara-in-dubai/" rel="noopener noreferrer nofollow">engage</a> with VARA in the region.
Read more: <a href="https://crypto.news/okx-granted-conditional-vasp-license-in-dubai-for-exchange-operations/" rel="noopener noreferrer nofollow"> OKX granted conditional VASP license in Dubai for exchange operations </a>

Nexo receives license to provide crypto services in Dubai

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