Crypto custodian Hex Trust receives Dubai VASP license
Hong Kong-founded institutional cryptocurrency asset custodian Hex Trust has been given the green light to offer virtual asset custodial services to institutional clients and investors in Dubai.
The firm, which established an office in the city in June 2022, received a full virtual asset service provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) on Nov. 15. The company had originally received a minimal viable product (MVP) operations license in February 2023 and is now clear to offer its services in the jurisdiction.
Hex Trust MENA regional director Filippo Buzzi noted that the approval sees the company join a growing but limited list of cryptocurrency exchanges and cryptocurrency service providers to be given the all-clear to operate in Dubai:
Hex Trust co-founder and CEO Alessio Quaglini added that the emirate of Dubai presents a prime opportunity for businesses in the sector to grow and capitalize on the progressive regulatory approach of the region.
Related: Binance eyes United Arab Emirates as ‘focal point’ for future operations
France also granted the company regulatory approval to offer its services to companies in the country in August 2023. Hex Trust has offices in Hong Kong, Singapore, Vietnam, Dubai, Italy and France.
MetaMask Institutional recently announced that Hex Trust was among four major cryptocurrency custodians integrated into its wallet and browser extension to provide custodial services to institutional clients.
Hex Trust’s announcement of its VASP license comes one day after crypto exchange Crypto.com’s Dubai entity was granted its VASP license by the city’s regulator, which is still pending operational approval.
Other prominent crypto exchanges that previously gained MVP or
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