Dubai, Tuesday, March 12, 2024 – Nexo, a company offering digital asset services, has secured initial approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to operate as a licensed entity in the emirate. 1
This initial approval allows Nexo to proceed with the licensing process, seeking full authorization for activities, such as lending, borrowing, management and investment services, and broker-dealer functions related to digital assets.
Dubai has emerged as a global hub for cryptocurrency and blockchain innovation. VARA, established in 2020, aims to foster a regulatory environment that encourages responsible growth within the digital asset sector. Nexo’s approval signifies Dubai’s commitment to attracting reputable players in the cryptocurrency space.
Nexo did not disclose the timeline for completing the full licensing process.
- Nexo: https://nexo.com/media-center/nexo-dubai-entity-receives-initial-approval-from-dubai-virtual-assets-regulatory-authority-vara[↩]
