- Hex Trust has secured VARA’s full approval to operate in Dubai.
- The firm will offer crypto custody services to select clientele.
- Dubai’s clear crypto regime is turning the Emirate into a digital asset hub.
Institutional digital asset custodian Hex Trust has secured a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), according to an announcement made on November 15.
Strategically expanding its global presence, Hex Trust has been waiting for the full crypto license since February 2023, when the company received an MVP operational license from VARA.
Hex Trust Secures VARA’s Final Approval
With the full license, the company has the final approval under VARA’s crypto regime to offer a range of virtual asset custodial services to select clients in the Emirate of Dubai, the regime’s jurisdiction.
Notably, the company will target institutional clients and “sophisticated investors” as it seeks to expand in the Middle East.
According to Filippo Buzzi, Hex Trust’s regional director of MENA, the company “sees enormous potential for digital assets growth” in the Middle East, thanks to the region’s progressive regulations, welcoming governments, and a thriving crypto ecosystem.
Hex Trust CEO and Co-Founder Alessio Quaglini shared similar sentiments.
“There is so much potential in the Emirate of Dubai. We’re excited to continue to scale our business in the region and make a positive contribution to the virtual asset ecosystem.” Quaglini stated.
VARA’s final approval makes Hex Trust one of Dubai’s first fully operational crypto custodians, setting a high standard for security, asset segregation, and innovation across the Emirate’s virtual asset ecosystem.
Dubai Crypto Scene
Dubai’s VARA is the world’s first independent regulator for virtual assets. The regulator’s custom-designed framework, dubbed Virtual Assets and Related Activities Regulations 2023, continues to serve as a guiding authority for the bigger crypto industry.
Thanks to clear guidelines covering specific crypto activities, Dubai is becoming a hub for all types of crypto-focused firms. A day before Hex Trust’s license approval, cryptocurrency exchange Crypto.com secured Duba’s VASP license to offer select crypto services upon VARA’s approval.
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