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.
About Nexo
Nexo is the world’s leading digital assets institution. The company’s mission is to maximize the value and utility of digital assets by offering a comprehensive suite of products that include advanced trading solutions for retail and institutional clients, aggregation of liquidity from leading venues, and flexible asset-backed credit lines. In 2022, the enterprise launched its investment arm Nexo Ventures, which now boasts over 60 portfolio companies. Nexo has processed $130+ billion for 7,000,000+ satisfied users across more than 200 jurisdictions.
Media Contact for Nexo
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About VARA
Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.
For more information visit: www.vara.ae
