- The approval allows Hex Trust to provide virtual asset custodial services to institutional clients and investors in Dubai.
- In February, the firm obtained a Minimal Viable Product (MVP) operational license
Hong Kong-based institutional cryptocurrency asset custodian, Hex Trust, has secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), marking the final step in its regulatory approval process.
The approval allows Hex Trust to provide virtual asset custodial services to institutional clients and investors in Dubai. Hex Trust had previously obtained a Minimal Viable Product (MVP) operational license in February 2023, and this latest development cements its position to operate fully in the region.
The regulatory framework in Dubai mandates a three-step process for crypto service providers to obtain a VARA license, including provisional approval, an MVP license, and finally, a full market product license.
Hex Trust’s Regional Director of MENA, Filippo Buzzi, expressed the company’s commitment to expanding into the Middle East, highlighting the significant potential for digital asset growth in the region due to progressive regulations and a thriving crypto ecosystem.
Hex Trust’s CEO, Alessio Quaglini, emphasized that Dubai provides an excellent opportunity for businesses in the crypto sector to flourish, capitalizing on the region’s forward-looking regulatory approach. The company sees itself joining a select group of cryptocurrency exchanges and service providers approved to operate in Dubai.
This milestone for Hex Trust comes shortly after it was integrated into MetaMask Institutional, a move that positions it among four major cryptocurrency custodians providing custodial services to institutional clients through the popular wallet and browser extension. The announcement of Hex Trust’s VASP license coincided with Crypto.com’s Dubai entity also receiving its VASP license, awaiting operational approval.
Hex Trust’s regulatory achievements extend beyond the Middle East, as the digital asset custodian secured registration from France’s Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) in August.