Institutional cryptocurrency custodian Hex Trust has broadened its operational reach by adding Dubai to its list of jurisdictions, which already includes Hong Kong, Singapore, Vietnam, Italy, and France. Recently, the company obtained a full virtual asset service provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) on November 15, allowing it to offer virtual asset custodial services to institutional clients and investors in the region.
Hex Trust, originally founded in Hong Kong, has been actively expanding its presence, establishing an office in Dubai in June 2022. After receiving a minimal viable product (MVP) operations license in February 2023, the recent approval grants the company the authority to fully operate in Dubai.
Filippo Buzzi, Hex Trust’s Regional Director of MENA, highlights the significance of joining a select group of cryptocurrency exchanges and service providers with approval to operate in Dubai. Buzzi expresses the company’s commitment to the Middle East, citing the region’s progressive regulations, supportive governments, and flourishing crypto ecosystem.
Hex Trust’s CEO, Alessio Quaglini, emphasizes the promising opportunities in the Emirate of Dubai, with its progressive regulatory approach offering a conducive environment for growth in the crypto sector. The company has previously received regulatory approval in France in August 2023, and it maintains offices in various locations, including Hong Kong, Singapore, Vietnam, Dubai, Italy, and France.
Hex Trust’s announcement of the VASP license coincides with other crypto entities gaining regulatory approval in Dubai, such as Crypto.com’s local entity. Notable crypto exchanges, including Binance, Bybit, OKX, and others, have also obtained MVP or VASP licenses.
As the cryptocurrency ecosystem in the United Arab Emirates continues to flourish, attracting industry participants, regulatory processes like VARA licensing in Dubai become a crucial step for crypto businesses, involving provisional approval, MVP licensing, and finally, a full market product license.