In a recent article published by Arabian Gulf Business Insight, Nexo Co-Founder and MD Antoni Trenchev announced that the UK entity would be opening its offices in the UAE as it expands into the MENA region.

The MENA region will grow to account for 30 percent of its total global operations. NEXO as per the article which currently has 5 million users across 200 jurisdictions will set up under Dubai’s VARA regulations as well as DIFC.

As per comments made by Trenchev 150 people will be recruited. In the article he states, “We are seeking two lines of regulation,” Trenchev said. “One is for the crypto-related activities which will be at VARA, while DIFC will be for more traditional offerings associated with wealth management.

“There appears to be a political will to create a blockchain fintech financial hub in the region but more specifically Dubai and Abu Dhabi, which is always welcoming,” he said.

“In the Middle East the rules are being developed as we go, but there is the clear desire to have the business here, whereas in the US, when you deal with the various agencies and you assess their moves, you’re not really sure whether they want to have any crypto there apart from maybe Bitcoin,” he adds.