Hex Trust, Hong Kong-based digital asset custody provider providing services across Asia, has gained provisional approval for a Virtual Asset MVP license in Dubai.
According to a statement by Hex Trust, the Government of Dubai’s Virtual Assets Regulatory Authority (VARA) has approved it to operate in Dubai and the company is now in process of applying for additional authorization to provide a range of services to institutional and sophisticated investors.
Due to the fact that Dubai has established a regulatory regime for digital assets, the country has emerged as a regional crypto hub. Other, well-known blockchain focused firms have gained approval in Dubai like Binance, Kraken and Crypto.com. Hex Trust is in he process of opening an office in Dubai which will be used as its regional headquarters in the Middle East. The Dubai office will be run by Filippo Buzzi.
Buzzi said they are excited and committed to expanding into the Middle East as there is enormous potential for region “given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”
Hex Trust has a mission of providing fully regulated digital asset support to its global institutional clients in this market, which operates 24 hours per day and 7 days per week.
Beyond Hong Kong, Hex Trust has offices in Singapore, and Vietnam and is now expanding to the Middle East and Europe after the close of its recent USD $88M Series B funding round. In Singapore, Hex Trust holds a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). In Hong Kong, Hex Trust is registered as a Trust Company under the Hong Kong Trust Ordinance and holds a Trust or Company Service Provider (TCSP) license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.