Hex Trust Receives Operating License from Dubai's VARA

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Published: November 15, 2023 at 4:09 am Updated: November 15, 2023 at 4:09 am

Edited and fact-checked:
November 15, 2023 at 4:09 am

In Brief

Hex Trust, an institutional crypto custodian, has obtained a full operating license from Dubai’s Virtual Assets Regulatory Authority (VARA), making it among the initial virtual asset companies to receive this type of license in the region. This marks the final step in the VARA licensing process, allowing the firm to continue offering crypto custodial services to institutional clients and sophisticated investors in Dubai.

Hex Trust Receives Operating License from Dubai’s VARA

Institutional crypto custodian Hex Trust announced it has obtained a full operating license from Dubai’s Virtual Assets Regulatory Authority (VARA), making it among the initial virtual asset companies to receive this license in the region.

The development marks the final step in the VARA licensing process, allowing the firm to continue offering crypto custodial services to institutional clients and sophisticated investors in Dubai.

According to the company’s announcement on X (Twitter), it is proud to actively contribute to the advancement of the virtual asset ecosystem in the MENA region while remaining committed to compliance, regulation and innovation in the crypto industry.

Exciting news! Hex Trust has been granted a full Virtual Asset Service Provider (VASP) license by VARA in Dubai , becoming one of the first few virtual asset companies to receive this operating license in the region. https://t.co/FkwHgDOLQY

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— Hex Trust (@Hex_Trust) November 15, 2023

The company said it will be expanding in the Middle East, recognizing enormous potential for digital asset growth given the progressive regulations, welcoming governments and thriving crypto ecosystem in the region.

Hex Trust Aims to Establish Global Presence

Hex Trust was approved for a minimum viable product (MVP) operational license by VARA in February, and obtaining an operating license allows the firm to continue its efforts of expanding its global presence.

In August, the company secured regulatory approval in France to provide services encompassing digital asset custody, purchasing, selling, and trading. This milestone indicates the company’s strategic expansion into Europe as well.

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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and engagement with scientific writing.

Alisa Davidson