Nexo has received preliminary approval from the Dubai Virtual Assets Regulatory Authority

ChainCatcher news, according to CoinDesk, the crypto lending platform Nexo has received preliminary approval from the Dubai Virtual Assets Regulatory Authority (VARA) to become a licensed entity in Dubai.

It is reported that obtaining a full license includes three phases: preliminary temporary license, preparatory license, and operating license. Nexo's regional entity Nexo DTC is seeking full approval for lending and borrowing, management and investment, as well as brokerage proprietary trading.