Nexo, a digital asset service provider, has successfully obtained initial approval from the Virtual Assets Regulatory Authority (VARA) in Dubai. This marks a significant milestone for Nexo’s regional entity, Nexo DTC, in its quest to secure full licensing for various activities, including Lending & Borrowing, Management & Investment, and Broker-Dealer operations.
This development is crucial for Nexo as it aims to extend its innovative services within the burgeoning Dubai market, aligning with the city’s ambitious vision to become a leading global hub for the crypto and blockchain industry.
The Licensing Process in Dubai
The obtaining of a full license to operate as a digital asset service provider in the Emirates is carried out in three stages. The process begins with a temporary permit, followed by a preparatory license and an operating license. The fact that Nexo received the first consent means that the company has overcome the first obstacle in this licensing process.
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