The Hex Trust Group, a Hong Kong-based provider of digital asset solutions for institutional finance, protocols, foundations, and the Web3 ecosystem, has secured an additional Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai.

This second license extends to its VA Broker-Dealer and VA Management and Investment arm, HT Markets MENA FZE, Hex Trust said in a statement on Wednesday.

The approval follows the issuance of Hex Trust’s full VASP license in November 2023, which allows Hex Trust to provide virtual asset custodial services to institutional clients and sophisticated investors.

This second license also allows Hex Trust to offer comprehensive Virtual Asset services covering broker-dealer and management and investment services, which include regulated staking services.

Hex Trust Markets offers access to the DeFi ecosystem, where clients can generate yield with native on-chain staking solutions and execute trades with the support of Hex Trust’s dedicated markets team.

Its ley offerings include a global trading team with dedicated client support providing 24/7 trading coverage; over-the-counter (OTC) trading solutions across the full spectrum of virtual assets, including tailored sales/purchase programs to optimize across price, time horizon, and market impact, employing proprietary execution algorithms to support bespoke execution strategies; deep liquidity and broad access within the virtual asset markets;
risk management solutions catering to corporate treasury risk management requirements; fiat solutions facilitating on-ramp/off-ramp services.

Hex Trust’s Dubai office was established in June 2022, and is led by Middle East and North America (MENA) Managing Director Filippo Buzzi.

“The approval of this additional VASP license demonstrates Hex Trust’s commitment to fostering crypto ecosystem innovation and enabling safe market access in the Middle East,

“We are fully committed to expanding into the region and see enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem,” said Filippo Buzzi, Hex Trust’s Regional Director MENA.

Meanwhile, Alessio Quaglini, Co-Founder and Chief Executive Officer of Hex Trust, said that Hex Trust’s commitment to compliance and regulation has always been a priority, and this has earned them a reputable standing as a reliable partner for both crypto-native and traditional finance institutions.

“There is so much potential in the Emirate of Dubai and the issuance of the VASP license for Hex Trust Markets demonstrates the evolution of our digital asset service provision to meet the demands of our clients and the market,” he added.

According to the statement, the completion of VARA’s licensing process underscores Hex Trust’s commitment to providing a secure and compliant trading environment for digital asset investors in Dubai and reinforces its dedication to contributing to the MENA region’s burgeoning status as a global virtual asset hub.

Hex Trust noted that positive market sentiment across crypto markets is on the rise, and the firm is well-positioned to deliver 24/7 regulated digital asset services to its 200+ global institutional clients.

Since its establishment in 2018, Hex Trust said it has maintained a strong track record of success with a sharp focus on regulatory compliance and security.

Led by seasoned professionals, it said the company is well-equipped to provide a comprehensive suite of digital asset services to meet the growing requirements of the market and its client base.

From advances in blockchain infrastructure to expanding its ecosystem of partnerships and global reach, Hex Trust said it is optimistic about the future.

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