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Crypto Custodian Hex Trust Secures Full Operating License in Dubai for Institutional Services

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated:

November 15, 2023

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Institutional-grade crypto custodian Hex Trust has successfully obtained a full operating license from Dubai’s Virtual Assets Regulatory Authority (VARA), the firm announced today.

This operating license represents the conclusive approval under VARA’s regulatory framework for crypto service providers, which was instituted earlier this year.

Establishing its Dubai office in June 2022, Hex Trust had previously received an operational license for its minimum viable product (MVP) in February, and the recent achievement marks the final step in VARA’s comprehensive licensing process.

Hex Trust to Provide Services to Institutional Clients

With this approval, the institutional grade crypto custody firm is now eligible to continue delivering crypto custodial services to institutional clients and sophisticated investors within Dubai.

Filippo Buzzi, Hex Trust’s MENA Regional Director, expressed the firm’s dedication to expanding its presence in the Middle East. Buzzi emphasized the immense potential for digital asset growth in the region, citing progressive regulations, supportive governments, and a thriving crypto ecosystem.

Earlier, the custody firm received approval for registration with France’s financial markets regulator, allowing the firm to offer a range of digital asset services, including custody, buying, selling, and trading.

This move signals the custody frim’s strategic expansion into the European market.

Alessio Quaglini, Co-Founder and CEO of Hex Trust, said:

“Hex Trust’s commitment to compliance and regulation has always been a priority. This focus has allowed us to be granted a full operating license in Dubai – one of the few companies to obtain this.”