Hong Kong-based Hex Trust, a cryptocurrency asset custodian, has received approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to provide virtual asset custodial services to institutional clients and investors in the region.
Initially granted a minimal viable product (MVP) operations license in February 2023, the recent full virtual asset service provider (VASP) license clears the way for Hex Trust to expand its services in Dubai.
The approval positions Hex Trust among a select group of cryptocurrency service providers in the region, taking advantage of the progressive regulatory environment and thriving crypto ecosystem.
Dubai’s Crypto Landscape Growth
Hex Trust’s MENA regional director, Filippo Buzzi, sees the approval as an opportunity to contribute to the Middle East’s digital asset growth:
“Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”
Hex Trust’s co-founder and CEO, Alessio Quaglini, mentioned about Dubai’s progressive regulatory approach as a conducive environment for business growth in the cryptocurrency sector:
“There is so much potential in the Emirate of Dubai. We’re excited to continue to scale our business in the region.”
The company, with offices in various global locations, including Hong Kong, Singapore, Vietnam, Italy, and France, further solidifies its presence in the Middle East.
Hex Trust’s VASP license announcement follows Crypto.com’s recent approval, indicating the expanding crypto ecosystem in Dubai.
Cryptocurrency exchange such as Binance has also gained licenses in the region.
The United Arab Emirates, particularly Dubai, continues to attract participants in the cryptocurrency space, leveraging federal grants and crypto-friendly regulations.
The VARA license acquisition involves a three-step process, emphasising Dubai’s commitment to fostering a robust and regulated cryptocurrency environment.