Hong Kong-based crypto custodian firm, Hex Trust, has secured a Virtual Asset Service Provider (VASP) license from the Dubai regulator VARA. This development comes after the company received a minimum viable product (MVP) operational license in February 2023, allowing it to extend virtual asset custodial services to institutional clients and sophisticated investors in Dubai. Hex Trust’s Dubai office, under the leadership of Regional MENA Director Filippo Buzzi, was established in June 2022.
Filippo Buzzi expressed excitement about becoming one of the first virtual asset companies to receive an operating license in Dubai. He emphasized Hex Trust’s commitment to expanding into the Middle East, noting the region’s potential for digital asset growth due to progressive regulations, welcoming governments, and a thriving crypto ecosystem.
Alessio Quaglini, Co-Founder and CEO of Hex Trust, highlighted the company’s focus on compliance and regulation, which played a crucial role in obtaining a full operating license in Dubai. He echoed the sentiment of potential in the Emirate of Dubai and reiterated their commitment to scaling their business in the region.
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