Hex Trust Receives ‘Provisional Approval’ for a Virtual Assets License from the Government of Dubai and Opens a Dubai Office

Hex Trust Receives ‘Provisional Approval’ for a Virtual Assets License from the Government of Dubai and Opens a Dubai Office

June 21, 2022

Hex Trust has obtained a provisional approval from the Government of Dubai’s Virtual Assets Regulatory Authority (VARA) to receive a Virtual Asset MVP License. As a result, Hex Trust is committed to foster crypto ecosystem innovation and enable safe market adoption to accelerate the development of the virtual asset industry in the region. Hex Trust is opening an office in Dubai which will be used as its regional headquarters in the Middle East.

Dubai has quickly risen as a global crypto hub after the UAE established VARA less than three months ago to grant licenses to crypto firms looking to set up in Dubai. Over the last few months, we’ve seen firms such as Crypto.com and Bybit, Kraken and Binance all establish offices or receive licenses in the UAE.

Hex Trust is in the process of applying for a license with the Dubai’s Virtual Assets Regulatory Authority (VARA) to provide a wide range of services to institutional clients and sophisticated investors. Hex Trust’s Dubai office will be run by Filippo Buzzi, who has over 14 years of experience in blockchain, tax and corporate consulting. 

Filippo Buzzi commented, “Hex Trust is excited and 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.”

The opening of the Dubai office strengthens Hex Trust’s mission of providing ‘round the clock’, fully regulated digital asset support to its global 200+ institutional clients in this market, which operates 24 hours per day and 7 days per week. At present, Hex Trust has offices in Hong Kong, Singapore, Vietnam and is now expanding to the Middle East and Europe after the close of its recent US$88M Series B funding round

About Hex Trust

Hex Trust is the leading fully licensed and insured provider of bank-grade custody and associated services for digital assets in Asia. Led by veteran banking technologists and award-winning financial services experts, Hex Trust has built Hex Safe, a proprietary bank-grade platform that delivers custody, DeFi, brokerage, and financing solutions for financial institutions, digital asset organizations, corporations and private clients.

Hex Trust has offices in Hong Kong, Singapore, and Vietnam and is expanding across Europe and the Middle East. In Singapore, Hex Trust holds a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS), allowing the company to provide custodial services regulated under Singapore’s Securities and Futures Act. In Hong Kong, Hex Trust is registered as a Trust Company under the Hong Kong Trust Ordinance and holds a Trust or Company Service Provider (TCSP) license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. 

For more information: visit hextrust.com or follow Hex Trust on LinkedIn and Twitter.

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