Hong Kong-based Hex Trust has obtained a full digital asset license in Dubai, allowing it to offer crypto services in the Middle Eastern hub.
Hex Trust has secured a full Virtual Asset Service Provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA), according to a statement. This will allow the firm to offer virtual asset custodial services to institutional clients and sophisticated investors in the city.
In 2022, Hex Trust first set up its Dubai office, which is led by regional MENA director Filippo Buzzi, before obtaining a Minimal Viable Product (MVP) operational license in February 2023.
«There is so much potential in the Emirate of Dubai. We’re excited to continue to scale our business in the region and make a positive contribution to the virtual asset ecosystem,» said Hex Trust co-founder and CEO Alessio Quaglini.
Global Expansion
Hex Trust continues to expand its market coverage and offering in 2023. In August, it received regulatory approval in France to provide digital asset custody services. In the same month, it inked a memorandum of understanding with South Korea-based Qraft Technologies to develop new digital asset products based on AI-driven models.
Hex Trust is a fully licensed and insured digital asset custodian. It is headquartered in Hong Kong and also has offices in Singapore, Vietnam, Dubai, France as well as Italy.
