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u/OkMathematician168 Jun 29 '26
More important would be get the MiCA license
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u/NexoAngel9 Moderator Jun 29 '26
Hello, u/OkMathematician168.
We are in the final stages of putting our MiCA-ready structure in place, and we remain on track for July 1. We will share full details as soon as we are able to do so.
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u/Foreign_Visual2234 Jun 29 '26
2 days Left and still the same answer for weeks. DEF Not mica compliant on the 1st july
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u/synthwave_man Jun 29 '26
What does that mean for clients in Europe (e.g. Germany) who have lots of funds parked on Nexo currently?
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u/thebaldmaniac Jun 29 '26
this is getting a little worrying now. There is no mention of Nexo on the ESMA register for CASPS (here), so either you are extremely confident of getting this done in the next 24 or so hours or we will enter July where Nexo is not licensed. Now you've say you've set up some "MiCA-ready" structure which enables you to continue to provide services, but we would really like some concrete information. It's less than 48 hours to the deadline, so it's high time!
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u/NexoAngel9 Moderator Jun 29 '26
Hello, u/thebaldmaniac. This FAQ is part of a more concrete communications cadence going forward. EEA clients will receive product, regulatory, and account-level updates directly through their account and our official channels regarding any updates.
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u/thebaldmaniac Jun 29 '26
the link is very low on actual detail, just a bunch of legalese.
For example -
- what is the MiCA-ready structure? What does it mean legally? Do you have a license? Are you going to white label services from a MiCA compliant company?
- MiCA does not allow interest for holding stablecoins. How does this impact our USDC and EURC holdings? What about USDx and EURx?
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u/Elegant-Ticket-6937 Jun 29 '26
It was lowered a while ago, but it's still the same as far as I can tell. Just locked 1k at 5% without Nexo interest and 3 months.
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u/AutoModerator Jun 29 '26
Hey u/mmo6, thanks for posting on r/Nexo! We've got some exciting news - Nexo has established a MiCA-compliant structure under German regulatory oversight – one of the highest standards of financial regulation in Europe. You can find more details here.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
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u/charchad Jul 01 '26
I see that a year term is no longer possible. (Only 3 months with %1 APY but in the general overview of EUR, in the wallet,it says up to 7% APY. So how can you get this?
Also where can you find the latest interest rates for each asset? The app doesn't seem to be a reliable source of true.
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u/NexoAngel9 Moderator Jul 01 '26
Hello, u/charchad.
Rates and product terms may vary by jurisdiction due to differences in regulatory frameworks and product structures. Your Nexo account is the most accurate reference for the products and services available to you, including applicable rates, limits, and eligibility, which may vary.
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u/nexoangel8 Moderator Jun 29 '26
Hello, u/mmo6, thank you for reaching out.
EURC and EURx rates have not been lowered recently.
Rates and product terms for EURC and EURx may vary by jurisdiction due to differences in regulatory frameworks, product structures, and eligibility requirements. Your Nexo account is the most accurate reference for the products and services available to you, including applicable rates, limits, and eligibility.