Hex Trust Gains Full Operating Approval in Dubai as a Crypto Custodian

By: Eliza Bennet

Hex Trust, an institutional crypto asset custodian, has recently received full operational jurisdiction in Dubai. This addition amplifies its existing operational areas which include Hong Kong, Singapore, Vietnam, Italy, and France. Notably, the firm established its office in Dubai in June 2022 and has now been cleared to offer its custodial services in this city after acquiring a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA).

Hex Trust aims at augmenting its reach in the Middle East, leveraging the region's progressive regulations, receptive governments, and emerging crypto ecosystem. The CEO of Hex Trust, Alessio Quaglini expresses that Dubai offers an excellent opportunity for businesses in the crypto industry to expand and capitalize on the region's progressive regulatory approach. The firm also holds regulatory approval from France to offer services to companies in the country.

In a related development, MetaMask Institutional announced that Hex Trust was among the four major crypto custodians integrated into its wallet and browser extension to provide custodial services to institutional clients. Additionally, another crypto hub, Crypto.com's Dubai entity was recently approved for a VASP license by the city's regulator, although it awaits operational approval.

The United Arab Emirates (UAE) continues to draw participants from the cryptocurrency ecosystem due to its federal grants and crypto-friendly regulations. The process of obtaining a VARA license in Dubai comprises three stages that include provisional approval, a minimal viable product license, and a full market product license.