Hex Trust’s Growth in Dubai
Hong Kong-born Hex Trust has recently snagged a shiny new badge: a full virtual asset service provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
The firm, which opened its Dubai office in June 2022, had previously landed a minimal viable product (MVP) license in February 2023. Now, as of November 15, 2023, they’re officially cleared for takeoff, ready to roll out their custodial services to clients in the region.
Strategic Expansion into the Middle East
According to Filippo Buzzi, Hex Trust’s regional director for MENA, this approval places them among a select group of cryptocurrency exchanges and service providers working within Dubai’s innovative regulatory environment. Clearly, Hex Trust believes in the potential of the Middle East:
“Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”
Benefits of Operating in Dubai
As if that wasn’t enough to whet the appetite, Alessio Quaglini, co-founder and CEO of Hex Trust, echoed similar sentiments. He noted that Dubai isn’t just a pit stop but a prime hub for businesses aiming to ride the digital asset wave.
Global Recognition and Integration
Beyond Dubai, Hex Trust has also been recognized in France, where they received regulatory approval in August 2023. With offices stretching across six countries, including Hong Kong, Singapore, and Italy, they’re truly becoming a global name in the institutional crypto custody game.
Additionally, MetaMask Institutional recently integrated Hex Trust alongside three other custodians into its wallet, allowing institutional clients seamless access to custodial services. Talk about a digital power move!
The Competitive Landscape
Hot on Hex Trust’s heels, Crypto.com just earned its own VASP license in Dubai, although they’re still waiting for operational approval. Other notable exchanges that have cleared similar regulatory hurdles include Binance, Bybit, and even the recently reeling FTX, among others. And it’s only getting busier: Komainu, a joint venture of leading financial firms, also bagged a VASP license this August.
The United Arab Emirates has positioned itself as a leading player in the cryptocurrency sector due, in part, to its favorable regulations and federal support. For those in the crypto game, securing a VARA license is no small feat, but it’s essentially the golden ticket into this thriving ecosystem.
