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Crypto Lender Nexo Secures First Regulatory Victory in Dubai
Receiving a full license involves three stages: an initial provisional permit, a preparatory license, and an operating license.
Updated Mar 5, 2024, 2:39 p.m. Published Mar 5, 2024, 1:00 p.m.
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- Nexo has won initial approval to operate as a licensed entity in Dubai.
- Nexo’s regional entity is seeking to win full approval for Lending & Borrowing, Management & Investment, and Broker-Dealer activities.
Nexo, a company offering digital asset services, has won initial approval as a licensed entity in Dubai from the region’s Virtual Assets Regulatory Authority (VARA), it announced Tuesday.
Receiving a full license involves three stages: an initial provisional permit, a preparatory license, and an operating license. Nexo’s regional entity, Nexo DTC, is seeking to win full approval for Lending & Borrowing, Management & Investment, and Broker-Dealer activities.
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Dubai is the most populous city in the UAE, and along with the nation’s capital, Abu Dabhi, it has been trying to attract financial institutions as it vies to become a global crypto hub. While VARA’s public record register does not show Nexo DTC having won an initial approval yet, the register is usually updated within a few days of such developments.
“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, co-founder and managing partner at Nexo.
Previously, Nexo agreed to pay $45 million to the SEC for failing to register the offer and sale of its Earn Interest Product (EIP). But it has also sought $3 billion in damages from Bulgaria for bringing it disrepute after the nation’s investigation found no evidence against the company.
Read More: Crypto Lender Nexo Seeking $3B in Damages From Bulgaria
UPDATE (March 5, 14:40 UTC): Changes lead photo
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