Crypto custodian Hex Trust receives Dubai VASP license
Hong Kong-based institutional cryptocurrency asset custodian Hex Trust has been given the green light to offer virtual asset protection services to institutional clients and investors in Dubai.
The firm, which set up an office in the city in June 2022, received a full Virtual Property Service Provider (VASP) license from the Dubai Virtual Property Regulatory Authority (VARA) on November 15. The company first received a Minimum Viable Product (MVP). ) operational license in February 2023 and is now clear to provide the service in the jurisdiction.
HexTrust MENA regional director Filippo Buzzi said the approval will see the company see a clear growing but limited mix of cryptocurrency exchanges and kriptovalyutnyh service providers to operate in Dubai.
“HexTrust is fully committed to expanding into the Middle East and sees great potential for digital asset growth given the progressive regulations, hospitality and thriving crypto ecosystem in the region.”
Alessio Quaglini, Founder and CEO of Hex Trust, added that the emirate of Dubai offers a great opportunity for businesses in the sector to grow and leverage the region's progressive regulatory approach.
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France has given the company regulatory approval to offer its services to companies in the country by August 2023. Hex Trust has offices in Hong Kong, Singapore, Vietnam, Dubai, Italy and France.
The MetaMask Institute recently announced that HexTrust is one of four major cryptocurrency custodians integrated into wallets and browser extensions to offer protection services to institutional clients.
Hex Trust's VASP license announcement comes a day after crypto exchange Crypto.com's Dubai legal VASP license was granted by the city's regulator, which is still pending operational approval.
Other popular crypto exchanges that have previously obtained MVP or VASP licenses include Binance, Bybit, Laser Digital Middle East, BitOasis (suspended), OKX, Crypto.com, FTX (revoked) and Huobi.
Komainu, a partnership between Nomura and crypto companies CoinShares and Ledger, as recently as 2016 August 2023 is one of the latest crypto organizations to receive a full VASP license. The company provides retention and standing services to institutional level clients.
The UAE continues to attract participants in the cryptocurrency ecosystem, given its role in federal funding and crypto-friendly regulations. Obtaining a VARA license in Dubai is a three-step process that requires crypto exchanges to obtain an interim license, a minimum viable product (MVP) license, and a full market product license.
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