Crypto Lender Nexo Secures First Regulatory Victory in Dubai
Summary
Digital asset services company Nexo has received initial approval for a license in Dubai from the Virtual Assets Regulatory Authority (VARA). The licensing process involves three stages: a provisional permit, a preparatory license, and an operating license. Nexo's regional entity, Nexo DTC, is aiming for full approval for Lending & Borrowing, Management & Investment, and Broker-Dealer activities. Dubai, along with Abu Dhabi, is working to attract financial institutions to become a global crypto hub. Nexo previously agreed to pay $45 million to the SEC for failing to register the offer and sale of its Earn Interest Product (EIP), and is seeking $3 billion in damages from Bulgaria after an investigation found no evidence against the company.
