Hong Kong-Based Hex Trust Receives Virtual Asset Custodial License in Dubai
If you’re involved in the crypto world, you’ll be interested to know that Hong Kong-based Hex Trust has been given the green light to provide virtual asset custodial services to institutional clients and investors in Dubai. The company’s office in Dubai opened in June 2022, and it recently secured a full virtual asset service provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) of Dubai as of November 15th. This follows its initial acquisition of a minimal viable product (MVP) operations license in February 2023, making it fully authorized to operate within the jurisdiction.
Dubai’s Crypto Expansion
Dubai has become a hot spot for cryptocurrency businesses due to its service-oriented economy and comprehensive framework for crypto regulations. VARA, the regulatory body for the sector, has played a key role in overseeing these developments. The city’s favorable stance towards digital assets has attracted various large and small crypto companies seeking local licenses. Notable firms like Crypto.com, Ripple, Binance, Bybit, and OKX have already received VASP licenses from VARA. Komainu, a joint venture between Nomura, CoinShares, and Ledger, also recently obtained a full VASP license.
Hot Take: Hex Trust Eyes Growth in Dubai
With Hex Trust’s recent approval to offer virtual asset custodial services in Dubai, the company is poised for growth in the region. Alessio Quaglini, co-founder and CEO of Hex Trust, expressed excitement about the opportunities in Dubai and looks forward to scaling the company’s operations there. The UAE’s investor community is increasingly optimistic about cryptocurrencies, with many viewing digital assets as a long-term investment and a reliable store of value.
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