Crypto lending platform, Nexo, has won regulatory approval in Poland. Nexo is now registered with the Ministry of Finance of Poland as a Virtual Asset Service Provider (VASP).
Announcing this in a Twitter post, Nexo stated it continues the expansion of European compliance. The regulatory body confirmed Nexo’s continuous commitment to delivering innovative solutions in a compliant manner.
This development stems from the crypto-native FinTech’s effort to grow the robustness of its compliance infrastructure. It is also built on its current registration as a Virtual Currency Operator with Italy’s Organismo Agenti e Mediatori (OAM).
Also, this approval gives Nexo the right to provide services in Poland related to the intervention of exchanges between virtual currencies and fiat means of payment. It also includes the administration of customers' accounts, custody, and transactions.
According to a statement by co-founder and Managing Partner of Nexo, Antoni Trenchev,
“Our responsibility to both consumer markets and regulatory authorities is always top of mind, which is why we’re relentless in our pursuit of full compliance with both global and local jurisdictions. We recognize the potential in the Polish digital assets space, and we’re delighted to be able to expand Nexo’s user-oriented solutions in the country.”
The company stated that this former relationship with the Ministry of Finance, Poland is a sign of its dedication to the industry and active engagement with regulatory bodies. Nexo's commitment to providing innovative solutions with strict regulatory compliance has helped build its portfolio to over fifty global authorizations.
Also, this move is a means for Nexo to situate itself in the Central and Eastern European markets and the vibrant crypto community in Poland. Poland’s potential as a crypto hub and key regional center for central finance has been very evident. The country’s crypto usage has doubled since 2019.
Poland is among the few jurisdictions actively defining its regulatory standards for crypto operations, which has helped in its approach to blockchain finance. Nexo aims to harness this potential and assist in global crypto adoption.
