Nexo Secures Initial Approval from Dubai’s VARA
Nexo, a prominent digital assets institution, has announced that its Dubai-based entity, Nexo DWTC, has been granted an Initial Approval (IA) by Dubai’s Virtual Assets Regulatory Authority (VARA).
The approval covers virtual asset lending and borrowing, management and investment, and broker-dealer activities. It positions Nexo as one of the first digital asset lending institutions to expand into the dynamic Dubai market.
Once fully licensed, Nexo plans to offer its innovative solutions to clients in compliance with local regulations. The company seeks to participate in the regional ecosystem by offering lending, brokerage, management, and investment services.
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Key points:
- Nexo DWTC receives initial approval from Dubai’s VARA for various virtual asset activities.
- The company seeks to expand into the pivotal Dubai market, offering compliant solutions to clients.
- Nexo aims to contribute to the UAE’s innovative ecosystem through its digital asset services.
Kalin Metodiev, CFA, co-founder and managing partner at Nexo, expressed the company’s enthusiasm for pursuing new market strategies aligned with VARA’s transformative guidance.
“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,” Metodiev stated.
Nexo expands amidst legal issues with Bulgaria
For Nexo, the initial approval from VARA marks a significant step forward as it seeks to expand its presence in the Middle East.
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In related news, Nexo has recently filed for arbitration through the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). Additionally, the company was seeking $3 billion in damages from the Republic of Bulgaria.
The claim follows the Bulgarian government’s decision to drop a criminal investigation against the firm and its executives last month, which Nexo alleges resulted in lost growth opportunities and reputational harm.
