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Hex Trust, a leading institutional crypto custodian, has successfully obtained a comprehensive Virtual Asset Service Provider license in Dubai, marking a significant step in its global expansion strategy. The license, granted by Dubai's Virtual Assets Regulatory Authority (VARA), positions Hex Trust to provide crypto custodial services to institutional clients and sophisticated investors.
This announcement follows Hex Trust's initial achievement of an MVP operational license in February. Filippo Buzzi, the Regional Director of MENA at Hex Trust, emphasized the company's commitment to the Middle East, citing the region's progressive regulations, supportive governments, and thriving crypto ecosystem as key drivers for their expansion.
In a statement, Buzzi expressed confidence in the potential for digital asset growth in the Middle East, stating, "Hex Trust sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region."
Hex Trust, which secured an impressive $88 million in its Series B funding round last year, continues to strengthen its global presence. In August, the company received regulatory approval in France, enabling it to offer a range of services, including digital asset custody, purchasing, selling, and trading.
This strategic move aligns with Hex Trust's broader vision to provide secure and compliant institutional-grade crypto services globally, capitalizing on emerging opportunities in regions with supportive regulatory frameworks and growing interest in digital assets.
