Dubai’s VARA Grants Initial Approval for Nexo to conduct Crypto Activities

Nexo, the London-based leading digital assets institution, announced that its Dubai entity, Nexo Services FZE, has been awarded an Initial Approval (IA) by Dubai’s Virtual Assets Regulatory Authority (VARA) for conducting 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 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.

Image Source: Nexo

Kalin Metodiev, CFA, Co-founder and Managing Partner at Nexo, said that Nexo aims to contribute to the regional ecosystem through pioneering lending, brokerage, management, and investment solutions from the UAE, which has emerged as the global leader for vision, governance, and innovation.

“Nexo is enthusiastic about the pursuit of new market strategies aligned with the transformative guidance of Dubai’s Virtual Asset Regulatory Authority,” he said.

Launching one of the earliest blockchain strategies in 2016 and establishing VARA in 2022, Dubai solidifies its role as a global centre 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 and its mission is to maximise 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 so far.