- The company plans to expand its cutting-edge services into the rapidly growing Dubai market.
- Dubai is competing with other major regions to attract major financial institutions.
The Virtual Assets Regulatory Authority (VARA) in Dubai has granted initial approval to Nexo, a digital asset service provider. Nexo DTC, Nexo’s regional organization, has reached a major milestone in its pursuit of complete licensure for a number of activities, including Broker-Dealer operations, Lending & Borrowing, and Management & Investment.
This is a major step forward for Nexo, as the company plans to expand its cutting-edge services into the rapidly growing Dubai market. This will help the region achieve its lofty goal of being a world-renowned crypto and blockchain center.
Strategic Expansion
There are three steps to getting a complete license to deliver digital asset services in the UAE. An initial approval is the first step, and subsequent licenses are for preparation and operation.
With the first permission in hand, Nexo has successfully cleared the first hurdle in the licensing procedure. Nexo is committed to following all regulations and is eager to make a positive impact on Dubai’s thriving financial sector, as shown by this strategic move.
As the second-largest region in the UAE after Abu Dhabi, Dubai is competing with other major regions to attract major financial institutions and technology businesses.
The city’s efforts are part of a bigger strategy to establish itself as a global center for the blockchain and cryptocurrency industries. The Virtual Assets Regulatory Authority (VARA), which is responsible for regulating the virtual asset industry in Dubai, plays a vital role in making sure that Nexo and similar firms follow all the rules.
As part of its aim to remain nimble and a frontrunner in the digital assets area, Nexo has decided to enter the Dubai market. With over seven million users, the Dubai market is clearly a strategic priority for the corporation.
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