Virtual asset lending platform Nexo has received initial approval from Dubai's Virtual Assets Regulatory Authority (VARA).
According to an announcement made on March 5, the initial approval granted to Nexo Services FZE allows the company to offer services such as virtual asset lending and borrowing, management and investment, as well as act as a broker.
In order to fully offer these crypto services to customers in the region through its mobile and web platforms, the company must complete the entire process in order to obtain a preparatory license and then a final operating license.
Kalin Metodiev, co-founder and managing partner of Nexo, sees this initial approval as a key step in the company's global expansion.
He added:
"From the UAE, the global leader for vision, governance, and innovation, Nexo aims to contribute to the regional ecosystem through pioneering lending, brokerage, management, and investment solutions. Nexo is enthusiastic about the pursuit of new market strategies aligned with the transformative guidance of Dubai’s Virtual Asset Regulatory Authority."