Hong Kong-based institutional cryptocurrency asset custodian, Hex Trust, has obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). This regulatory approval allows Hex Trust to offer virtual asset custodial services to institutional clients and investors in Dubai. The company had previously obtained a Minimal Viable Product (MVP) operational license in February 2023, and this latest development solidifies its position to operate fully in the region. Dubai’s regulatory framework requires a three-step process for crypto service providers to obtain a VARA license, and Hex Trust has successfully completed all the necessary steps. The Regional Director of MENA, Filippo Buzzi, expressed the company’s commitment to expanding into the Middle East, citing the region’s progressive regulations and thriving crypto ecosystem. Hex Trust’s CEO, Alessio Quaglini, highlighted Dubai’s forward-looking regulatory approach and the opportunities it presents for businesses in the crypto sector. This milestone for Hex Trust comes shortly after its integration into MetaMask Institutional, positioning it among the four major cryptocurrency custodians providing services to institutional clients through the popular wallet and browser extension. In addition to its achievements in the Middle East, Hex Trust has also secured registration from France’s Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) in August.

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Information	Details
Geography	Middle East
Countries	🇭🇰 🇫🇷
Sentiment	positive
Relevance Score	1
People	Filippo Buzzi, Alessio Quaglini
Companies	Crypto.com, Dubai’s Virtual Asset Regulatory Authority (VARA), France’s Autorité des Marchés Financiers (AMF), Autorité de Contrôle Prudentiel et de Résolution (ACPR), MetaMask Institutional, Hex Trust
Currencies	None
Securities	None