Nexo has received a preliminary license from the Dubai regulator

The Nexo crypto lender has received initial approval from the Dubai Virtual Asset Regulatory Authority (VARA) to provide digital asset-related services in the emirate.

Nexo has received a preliminary license from the Dubai regulator

The management of Nexo DTC, a regional division of Nexo, announced that it is preparing to obtain a full VARA license to provide services for cryptocurrency lending, investment and asset management, as well as broker-dealer operations. Cooperation with VARA is important for Nexo — the crypto lender is interested in the growing Dubai market, which is considered one of the world's centers for the development of blockchain and cryptocurrencies.

Obtaining a full license to work as a virtual asset service provider (VASP) in the UAE is carried out in three stages. The process begins with obtaining a temporary permit, followed by a preliminary license and, finally, a full license to carry out activities.

"Nexo has overcome the first stage in this licensing process. This tactical step confirms that our company is ready to comply with regulatory requirements of the regulator and contribute to the dynamic financial environment of Dubai," said Nexo co—founder and Managing partner Kalin Metodiev.

Nexo's new achievements are accompanied by the settlement of a legal dispute with Bulgarian law enforcement agencies. At the end of last year, the Bulgarian Prosecutor's office closed the criminal case against Nexo, as investigators could not find evidence of money laundering and tax evasion. In January, the crypto-lender demanded that law enforcement officers reimburse him for $3 billion in damages.


Read More