Hong Kong-based institutional cryptocurrency custodian, Hex Trust, has secured a significant milestone. This is by obtaining a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority on Nov. 15.

Notably, this marks a strategic move to further extend its operational jurisdictions, which already include Hong Kong, Singapore, Vietnam, Italy, and France.

Dubai Expansion

Hex Trust first established its presence in Dubai in June 2022. Also, it initially received a Minimal Viable Product (MVP) operations license in Feb. 2023. Now, with the full VASP license, the company is poised to offer virtual asset custodial services to institutional clients and investors in the thriving city.

Filippo Buzzi, Hex Trust’s Regional Director of MENA, emphasizes the company’s commitment to the Middle East. He further cited the region’s progressive regulations, welcoming governments, and a flourishing crypto ecosystem. CEO Alessio Quaglini sees Dubai as a prime opportunity for crypto businesses to flourish, capitalizing on the progressive regulatory approach.

Global Presence and Integration with MetaMask Institutional

Hex Trust, with offices across Hong Kong, Singapore, Vietnam, Dubai, Italy, and France, has been steadily expanding its reach. The regulatory approval in France in Aug. 2023 further solidified its position as a trusted cryptocurrency asset custodian.

Notably, Hex Trust’s integration with MetaMask Institutional positions it among the four major cryptocurrency custodians providing services to institutional clients through the wallet and browser extension.

Hex Trust’s VASP license announcement coincides with Crypto.com’s pending operational approval in Dubai. The landscape also features prominent players like Binance, Bybit, Laser Digital Middle East, BitOasis (suspended), OKX, Crypto.com, FTX (revoked), and Huobi. This further showcases Dubai’s growing role in the global crypto ecosystem.

Latest VASP License Recipients and UAE’s Crypto-Friendly Environment

Komainu, a joint venture between Nomura and crypto firms CoinShares and Ledger, recently joined the ranks of crypto firms with a full VASP license, offering custodial and staking services to institutional-grade clients.

The United Arab Emirates’ attraction of cryptocurrency ecosystem participants is evident, fueled by federal grants and crypto-friendly regulations. Obtaining a VARA license in Dubai involves a three-step process, showcasing the region’s commitment to fostering a robust crypto environment.

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