Hex Trust secures full VASP license in Dubai

Rick Steves

Hex Trust’s achievement in obtaining the full VASP license from VARA marks a significant advancement in the virtual asset custodial services sector in Dubai.

Hex Trust, a leading institutional-grade digital asset custodian, has achieved a significant milestone in securing a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).

Following the MVP operational license obtained in February 2023, this final step in VARA’s licensing process enables Hex Trust to offer Virtual Assets Custodial Services in Dubai to institutional clients and sophisticated investors.

“This operating license in Dubai marks a pivotal moment for us”

With its Dubai office operational since June 2022, Hex Trust is rapidly expanding in the Middle East under the leadership of Filippo Buzzi, Regional MENA Director. The acquisition of the VASP license is a testament to Hex Trust’s dedication to the region’s digital asset growth, supported by progressive regulations and a thriving crypto ecosystem. “This operating license in Dubai marks a pivotal moment for us, showcasing our commitment to the Middle East and the potential for digital asset growth in the region,” said Filippo Buzzi.

Hex Trust’s focus on compliance and regulation has been instrumental in securing the full operating license, setting a high standard in the Dubai ecosystem for security, asset segregation, trustworthiness, and innovation. Alessio Quaglini, Co-Founder and CEO of Hex Trust, emphasized the company’s excitement in scaling business in the region and contributing positively to the virtual asset ecosystem.

Despite a challenging environment during the crypto winter, Hex Trust has maintained a forward momentum. The company received regulatory approval in France for digital asset custody services, introduced AI-driven investment tools, and actively engaged in global industry events. Its unwavering commitment to providing 24/7 regulated digital asset support to over 200 global institutional clients highlights its resilience and dedication to building a secure blockchain infrastructure.

Hex Trust has established itself as a fully licensed and insured digital asset custodian with a global presence. With offices in Hong Kong, Singapore, Vietnam, Dubai, France, and Italy, Hex Trust is led by banking technologists and financial services experts. The company’s proprietary platform, Hex Safe, offers solutions for digital asset protocols, foundations, financial institutions, and the Web3 ecosystem.

The Virtual Asset Regulatory Authority (VARA), established in March 2022, regulates, supervises, and oversees virtual assets and activities in Dubai, excluding the Dubai International Financial Centre. VARA plays a crucial role in shaping Dubai’s legal framework for virtual assets, protecting investors, and fostering a borderless economy.

Hex Trust’s achievement in obtaining the full VASP license from VARA marks a significant advancement in the virtual asset custodial services sector in Dubai. This development not only reinforces Hex Trust’s commitment to regulatory compliance and innovation but also positions the company as a key player in shaping the future of digital assets in the MENA region. The company’s strategic focus on resilience and innovation, especially during challenging market conditions, underscores its potential to be a major contributor to the global digital asset ecosystem.

Hex Trust registered in France and Italy, hopes to secure license under MiCA

In August, Hex Trust announced it obtained the Digital Asset Service Provider (DASP) registration granted by Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France.

With the DASP registration, institutional-grade digital asset custodian is now allowed to provide digital asset custody, the purchase/sale of digital assets for legal tender, and the trading of digital assets against other digital assets.

The French regulators are taking a progressive stance towards digital assets, intending to transform the country into a crypto hub of Europe. French officials have recently welcomed US crypto firms fleeing regulatory crackdown. It was last month that Societe Generale secured the first crypto license in France.

The DASP registration is a key step towards being licensed in France and soon in the European Union (EU) under the Markets in Crypto-Assets Regulation (MiCA). It is a significant milestone for Hex Trust as it expands in Europe and grows its presence to become one of the continent’s leading licensed digital asset custodians.

Hex Trust opened its first European office in Milan (Italy) in May 2022 and successfully completed its registration with the Italian Virtual Asset Services Provider (VASP) registry of Organismo Agenti e Mediatori (OAM) in June 2022.

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