Hex Trust, the Hong Kong-based fully licensed and insured provider of bank-grade custody and associated services for digital assets, has received the minimum viable product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).

This follows the issuance of its provisional license in June 2022.

In a statement on Thursday, Hex Trust said the MVP license will allow the firm 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 range of services Hex Trust can now provide includes virtual assets custodial services, broker-dealer services and staking services.

The MVP license is a testament to Hex Trust’s commitment to adhering to strict compliance and regulatory policies and also its dedication to helping build the virtual asset ecosystem in Dubai.

Hex Trust opened its Dubai office in June 2022, which is run by Filippo Buzzi, and serves as its headquarters for the Middle East and North Africa (MENA) region.

“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,” said Filippo Buzzi, Regional Director MENA of Hex Trust.

Alessio Quaglini, Co-Founder and Chief Executive Officer 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.”

The Hex Trust is the leading fully licensed and insured provider of bank-grade custody and associated services for digital assets in Asia.

Led by veteran banking technologists and financial services experts, the firm has built Hex Safe, a proprietary bank-grade platform that delivers custody, DeFi, brokerage, and financing solutions for financial institutions, digital asset organizations, corporations and private clients.

Hex Trust has offices in Singapore, Hong Kong, Dubai, Italy, and Vietnam. 

VARA is the world’s first specialized regulator for the virtual assets sector.

Established in March 2022, following the effect of Law No.4 of 2022, VARA 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 United Arab Emirates (UAE) law.

VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for virtual asset industry governance, while supporting the vision for a borderless economy.

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