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Crypto News

Hex Trust Secures Dubai VASP License, Expanding Its Crypto Custodial Services

Author

Jay Solano

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Tags Editor's Choice / Slider Posts

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2 mins
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Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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Hex Trust, a leading institutional cryptocurrency asset custodian based in Hong Kong, has further expanded its global footprint by receiving a full Virtual Asset Service Provider (VASP) license in Dubai. This development allows Hex Trust to extend its virtual asset custodial services to institutional clients and investors in the region.

The company, which had previously set up an office in Dubai in June 2022, initially received a minimal viable product (MVP) operations license in February 2023. The latest full VASP license, granted by Dubai’s Virtual Asset Regulatory Authority (VARA) on November 15, marks a significant milestone for Hex Trust in the Middle East.

Filippo Buzzi, Hex Trust’s MENA regional director, emphasized the significance of this approval. He noted that Hex Trust is among a select group of cryptocurrency exchanges and service providers authorized to operate in Dubai, highlighting the region’s progressive regulatory environment and its thriving crypto ecosystem.

Alessio Quaglini, co-founder and CEO of Hex Trust, recognized Dubai as an ideal location for digital asset businesses to flourish, given its forward-thinking regulatory stance. This expansion aligns with the company’s commitment to growth in the Middle East and the broader potential for digital asset development in the area.

In addition to its operations in Dubai, Hex Trust has a presence in Hong Kong, Singapore, Vietnam, Italy, and France. The company’s regulatory approval in France, obtained in August 2023, further underscores its expanding international reach.

Hex Trust’s integration with MetaMask Institutional, announced recently, positions it as a key player in providing custodial services to institutional clients. This integration aligns with Hex Trust’s strategy to offer robust, regulated custodial solutions in the cryptocurrency sector.

The announcement comes close on the heels of Crypto.com’s Dubai entity also receiving its VASP license, pending operational approval. Other prominent exchanges with either MVP or VASP licenses in Dubai include Binance, Bybit, Laser Digital Middle East, BitOasis, OKX, FTX, and Huobi.

The United Arab Emirates, particularly Dubai, continues to be a magnet for crypto ecosystem participants, driven by its welcoming stance towards innovation in the digital assets space. The three-step process for attaining a VARA license in Dubai reflects the region’s commitment to nurturing a safe and regulated environment for cryptocurrency operations.