Hong Kong-founded institutional cryptocurrency asset custodian Hex Trust has received a full virtual asset service provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) to offer virtual asset custodial services in the region.
Hex Trust, which established an office in Dubai in June 2022, initially received a minimal viable product (MVP) operations license in February 2023.
With the recent approval, Hex Trust joins a select group of cryptocurrency exchanges and service providers to operate in Dubai and is authorized to serve institutional investors and qualified investors. The company aims to leverage progressive regulations and a welcoming environment in the Middle East for digital asset growth.
Hex Trust has also received regulatory approval to offer its services in France and is integrated into MetaMask Institutional to provide custodial services to institutional clients. The move follows Crypto.com’s Dubai entity obtaining its VASP license, signaling the ongoing growth of the cryptocurrency ecosystem in the United Arab Emirates.
With its new regulations, Dubai is becoming a hub of crypto companies as HEX Trust became the latest to secure a Virtual Asset Service Provider (VASP) license from the city’s Virtual Asset Regulatory Authority (VARA).
The new license will allow HEX Trust to offer Virtual Assets Custodial Services to institutional clients and investors in Dubai. It was granted after the company received the prerequisite MVP operational license from VARA in February 2023.
The push towards digital assets turned out to be positive as several crypto companies, big and small, are now establishing bases in Dubai and gaining local licenses. Most recently, Crypto.com and Ripple received the VASP license from VARA to expand their operations in the Middle East. Other major names with this license are Binance, Bybit, and OKX.