Nexo’s Dubai Entity Receives Initial Approval from Dubai’s Virtual Assets Regulatory Authority (VARA)

The initial approval is a key milestone in the licensing process.

March 5, 2024

Nexo, a leading digital assets institution, announced today that its Dubai entity, Nexo Services FZE, has been awarded an Initial Approval [IA] by Dubai’s Virtual Assets Regulatory Authority (VARA) for Virtual Asset Lending & Borrowing, Management & Investment, and Broker-Dealer activities. 

This IA positions Nexo as one of the first digital asset lending institutions seeking to expand into the pivotal Dubai market. Once licensed, the solution will be available to Nexo clients through the Nexo platform to offer it in compliance with local regulations, accessible via both mobile and web platforms.

Dubai, in the heart of the UAE, is shaping the future of finance and entrepreneurship, driven by forward-looking regulations and a culture of innovation. Renowned for attracting top financiers, tech pioneers, and visionary companies, the UAE prides itself on embracing advanced technologies, including blockchain.

“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,” said Kalin Metodiev, CFA, Co-founder and Managing Partner at Nexo.

Launching one of the earliest blockchain strategies in 2016 and establishing VARA in 2022, Dubai solidifies its role as a global center for digital asset innovation, mirroring its impact in the traditional finance sector. For Nexo, with its 7 million users, this market is pivotal, underscoring its commitment to regional growth through premium services.