Hex Trust Receives Virtual Asset Custodial License in Dubai
Hong Kong-based institutional cryptocurrency asset custodian Hex Trust has been granted permission to provide virtual asset custodial services to institutional clients and investors in Dubai. The company, which opened an office in the city in June 2022, obtained a full virtual asset service provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) on Nov. 15. This comes after originally receiving a minimal viable product (MVP) operations license in Feb. 2023, allowing them to operate in the jurisdiction.
According to Hex Trust’s Regional Director of MENA Filippo Buzzi, the approval puts the company in an exclusive group of cryptocurrency exchanges and service providers allowed to operate in Dubai. He expressed the company’s commitment to expanding into the Middle East, citing potential for digital asset growth due to progressive regulations and a thriving crypto ecosystem.
Hex Trust co-founder and CEO Alessio Quaglini also sees Dubai as a prime opportunity for businesses in the sector to take advantage of the region’s progressive regulatory approach.
Hot Take: Expanding Opportunities in Dubai
Hex Trust’s newly acquired VASP license opens up significant opportunities for the company to tap into the growing digital asset market in Dubai. With progressive regulations and a welcoming environment, the region presents an ideal landscape for crypto businesses looking to expand their operations.
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