Nexo Crypto Platform Receives VARA’s Initial License Approval
Nexo, a UAE-based fintech platform, has received initial approval from Dubai’s regulatory authority VARA.
The UAE entity, Nexo DTC, plans to seek a license for crypto brokerage, lending, borrowing, and investment.
Once licensed, the platform will be accessible via mobile and web platforms. Nexo aims to contribute to the regional ecosystem through lending, brokerage, management, and investment solutions.
In March 2023, Nexo announced plans to open offices in the UAE, accounting for 30% of its global operations.
The platform will operate under Dubai’s VARA regulations and DIFC, recruiting 150 people and seeking two lines of regulation: one for crypto-related activities at VARA and another for traditional wealth management offerings at DIFC.
(With inputs from Shikha Singh)
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