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Nexo receives Initial Approval from Dubai’s VARA

Nexo DWTC, the Dubai-based entity of Nexo, a leading digital assets institution, 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.

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.

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