Hex Trust, an institutional-grade cryptocurrency custodian, announced on Wednesday that it has received a full operating licence from the Virtual Assets Regulatory Authority (VARA) in Dubai.
The operating licence is the last permission granted to crypto service providers under VARA’s regulatory framework, which went into force earlier this year. After passing the last stage of the licencing procedure, Hex Trust was granted a minimum viable product (MVP) operational licence by the regulatory body in February. This permits the company to keep providing crypto custodial services to affluent investors and institutional clients in Dubai.
“Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region,” Filippo Buzzi, Hex Trust’s MENA regional director, said in a press announcement.
In August, the company’s application for registration to provide digital asset custody, buying, selling, and trading was accepted by France’s financial markets regulator, indicating a move towards further European expansion.