Nexo achieves regulatory approval as VASP in Poland

By Gloria Methri

Nexo has announced its registration with the Government of Poland as a Virtual Assets Service Provider (VASP) in the country. The development follows the crypto-native FinTech’s recent registration as a Virtual Currency Operator with Italy’s Organismo Agenti e Mediatori (OAM).

The scope of this approval grants Nexo the right to provide services in Poland related to the intermediation of exchanges between virtual currencies and fiat means of payment, as well as the administration of customer accounts, custody, and transactions.

“Our responsibility to both consumer markets and regulatory authorities is always top of mind, which is why we are relentless in our pursuit of full compliance with both global and local jurisdictions,” said Antoni Trenchev, Co-founder, and Managing Partner of Nexo. “We recognize the potential in the Polish digital assets space and are delighted to be able to expand Nexo’s user-oriented solutions in the country. From another viewpoint, this formal relationship with the Ministry of Finance in Poland signals our dedication to the industry and active engagement with regulatory bodies.”

Nexo’s commitment to delivering innovative solutions with strict regulatory compliance has led the enterprise to sport a portfolio of over 50 authorizations globally. The registration with the Ministry of Finance in Poland is a natural move towards the Central and Eastern European market and the vibrant cryptocurrency community to which it is a host.

Nexo says Poland’s potential as a cryptocurrency hub and key regional center for digital finance is undeniable, with crypto usage in the country having doubled since 2019 and cities like Olsztyn implementing blockchain solutions into their infrastructure.

Poland is among the few jurisdictions actively defining its regulatory standards for cryptocurrency operations, further marking its progressive approach to blockchain finance. The FinTech aims to harness this potential and assist crypto adoption with its 360-degree product suite.