Hex Trust secures licence to provide virtual asset services in Dubai
Dubai’s Virtual Assets Regulatory Authority (Vara) gave a minimum viable product licence to Hex Trust to offer a wide range of virtual asset services to institutional clients and sophisticated investors in Dubai.
Hex Trust, an insured provider of bank-grade custody and associated services for digital assets, plans to grow its business in the region. With offices in Hong Kong, Singapore, Italy and Vietnam, Hex Trust offers services such as virtual asset custodial services, broker-dealer services, and staking services.
“We recognise the enormous potential in this region for building one of the leading virtual asset hubs in the world,” said Filippo Buzzi, Hex Trust’s regional director for the MENA region.
Hex Trust opened its Dubai office in June 2022. It serves as its headquarters for the MENA region.
Vara was established by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, in March 2022 under the Dubai Virtual Asset Regulation Law.
The body aims to create an advanced legal framework to protect investors and provide international standards for virtual asset management to enable responsible business growth in the emirate.
Over the past few months, a host of cryptocurrency trading platforms have secured licences to operate in Dubai. These include Bahrain's CoinMena, Binance, BitOasis, Bybit and FTX.
Edited by Swetha Kannan