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HEX Trust secures MVP license from Dubai’ VARA for crypto custody, brokerage, staking

Rick Steves

“We recognize the enormous potential in this region for building one of the leading virtual asset hubs in the world. Hex Trust looks forward to expanding our client base in Dubai following the license approval and making a positive contribution to the VA ecosystem in the region.”

Hex Trust has received the Minimum Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This follows the issuance of its provisional license in June 2022.

The fully licensed and insured provider of bank-grade custody and associated services for digital assets will now be able to provide a wide range of virtual asset services to institutional clients and sophisticated investors in Dubai within its framework for virtual asset service providers (VASPs).

The MVP license allows Hex Trust to provide Virtual Assets custodial services, Broker-Dealer Services, and Staking Services. Hex Trust opened its Dubai office in June 2022, which is run by Filippo Buzzi, and serves as its headquarters for the MENA region.

“Enormous potential of the sector in Dubai”

Filippo Buzzi, Regional Director MENA of Hex Trust, commented, “Becoming one of the first virtual asset companies and custodians to receive the license is a big step for Hex Trust as we establish ourselves in the MENA region. We recognize the enormous potential in this region for building one of the leading virtual asset hubs in the world. Hex Trust looks forward to expanding our client base in Dubai following the license approval and making a positive contribution to the VA ecosystem in the region.”

Alessio Quaglini, Co-Founder and CEO of Hex Trust, commented, “From day one, Hex Trust was built to follow the strictest compliance policies and adhere to regulatory standards across the main jurisdictions. Being amongst the first companies to be granted the MVP is exciting, given the enormous potential of the sector in Dubai.”

HEX Trust boasts a proprietary bank-grade platform that delivers custody, as well as DeFi, brokerage, and financing solutions for financial institutions, digital asset organizations, corporations and private clients. The group has offices in Singapore, Hong Kong, Dubai, Italy, and Vietnam.

Dubai Virtual Assets Regulatory Authority (VARA) is a specialized regulator for the Virtual Assets sector established in March 2022.

The authority is responsible by decree for licensing and regulating the Virtual Asset sector in the Emirate of Dubai and its free zone territories (excluding DIFC) and oversees all licensing requirements and applications for authorisation of Virtual Asset activities under UAE law.

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