April 19, 2024
Hex Trust Gains Regulatory Nod in Dubai
Latest Cryptocurrency News

Dubai Grants Full VASP License to Hex Trust, Expanding Cryptocurrency Presence

Hong Kong-based institutional cryptocurrency asset custodian Hex Trust has received regulatory approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to offer virtual asset custodial services in the city. Hex Trust, which initially obtained a minimal viable product (MVP) operations license in February 2023, has now secured a full virtual asset service provider (VASP) license, joining a select group of cryptocurrency exchanges and service providers authorized to operate in Dubai.

The company, with offices in various locations including Hong Kong, Singapore, Vietnam, Dubai, Italy, and France, views Dubai’s progressive regulatory approach as a strategic opportunity for expansion in the Middle East. Hex Trust’s CEO, Alessio Quaglini, highlighted the region’s welcoming government and thriving crypto ecosystem.

This development follows Crypto.com’s Dubai entity recently obtaining its VASP license, pending operational approval. Notable crypto exchanges with similar licenses include Binance, Bybit, OKX, FTX (revoked), and Huobi.

Hex Trust’s approval is part of a larger trend among cryptocurrency firms, including Komainu, obtaining full VASP licenses in the United Arab Emirates, benefiting from favorable regulations and federal grants. This trend underscores the growing acceptance and support for the cryptocurrency industry in the region.

The process for obtaining a VARA license in Dubai involves three steps: provisional approval, an MVP license, and a full market product license. Hex Trust’s regulatory approval positions the company to contribute to the growing cryptocurrency ecosystem in the region.

Image by freepik

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