June 2024: Pushing Boundaries

June 2024: Pushing Boundaries

July 5, 2024

In June, we secured an additional VASP license from Dubai's Virtual Asset Regulatory Authority (VARA) for our VA Broker-Dealer and VA Management and Investment arm, HT Markets MENA FZE.  We announced a strategic partnership with DeFi platform Ondo Finance to expand our custody offerings, support for new blockchain networks and assets, as well as an update to the Hex Safe Mobile App for iOS.

In the media, Hex Trust’s CEO, Alessio Quaglini, spoke with the South China Morning Post about developments in Hong Kong’s regulatory landscape. Meanwhile, Filippo Buzzi, Hex Trust’s Managing Director of MENA was interviewed exclusively by Cryptonews on the significance of our second license in Dubai. The team also engaged in community work with Hong-Kong based non-profit organization, Food Angel.

The crypto markets have seen progress as well. In a CoinDesk interview, Jaime Rogozinski, founder of Wall Street Bets, discussed Bitcoin's leadership, the integration of crypto with traditional finance, and the impact of influential figures on meme coins. Rogozinski highlighted the increasing participation of retail investors in crypto, motivated by the desire for financial independence and potential arbitrage opportunities. He also addressed the evolving regulatory landscape and maintained a bullish long-term outlook for Bitcoin, forecasting a potential price of $99,999.

June was another great month that has seen continued growth and evolution at Hex Trust alongside positive market sentiment across the crypto industry. Let’s review our key achievements.

Key Announcements

Expanding Presence in Dubai with Additional VASP License 

Hex Trust has secured an additional Virtual Asset Service Provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA). This new license extends to Hex Trust's VA Broker-Dealer and VA Management and Investment arm, HT Markets MENA FZE. The approval follows the issuance of Hex Trust's full VASP License in November 2023, which authorized the company to provide Virtual Asset Custodial Services. This second license also allows Hex Trust to offer comprehensive Virtual Asset services covering Broker-Dealer and Management and Investment Services, including regulated Staking Services.

This license expansion is a critical step in strengthening Hex Trust's service offering and geographic reach. It enables Hex Trust to provide safe access to the decentralized finance (DeFi) ecosystem, allowing clients to generate yield through native on-chain staking solutions and execute trades. 

In an exclusive interview with Cryptonews, Filippo Buzzi, Hex Trust’s Managing Director for MENA, revealed the significance of the additional license and upcoming updates in our service offering in the region.

Full announcement here.

Featured in: Cryptonews | The Asset | The Fintech Times | Lara on the Block

Hex Trust Partners with Ondo Finance to Expand Custody Solutions

In a strategic move to enhance our digital asset custody services, Hex Trust has announced a strategic partnership with Ondo Finance, a prominent innovator in the tokenization space. This integration allows Hex Trust's clients to securely custody two of Ondo's market-leading yieldcoins: $USDY and $OUSG.

By combining Hex Trust's compliance-focused custody solutions with Ondo's innovative tokenization products, the two companies are positioned to deliver greater value to their respective institutional clients. This partnership showcases Hex Trust's commitment to providing diverse digital asset access, while also expanding the reach of Ondo Finance's pioneering offerings.

Through strategic collaborations like this, Hex Trust continues to broaden the range of digital assets available to our clients, empowering them to diversify their portfolios and explore new investment opportunities within the evolving crypto landscape.

It's important to note that $USDY is not offered, sold, or made available in the US or to US persons, and it has not been registered under the US Securities Act.

Read more here.  

In the Media

SCMP - Navigating Hong Kong’s Crypto Regulatory Landscape

In early June, South China Morning Post reported that Hong Kong has seen several crypto exchanges withdraw their license applications from the City, citing an overly restrictive regime sending “mixed signals to the industry.” Hex Trust’s CEO, Alessio Quaglini, was interviewed by SCMP to share his views on these withdrawals and its impact on the Hong Kong market. 

While 11 firms moved closer to obtaining a license, major exchanges like OKX, Bybit, and Gate.io have exited, deterred by the high barriers to entry. Alessio noted that the restrictive framework, which mandates "same activity, same risks, same regulation" as traditional finance, aims to enhance investor protection but also deters global companies from establishing substantial operations in Hong Kong. 

He emphasized that although the current approach might seem overly harsh and impact global operations negatively, it presents significant opportunities for the digital asset sector if executed better. As a Hong Kong-based crypto custodian, Hex Trust is committed to collaborating constructively with regulators to help position the City as a global hub for virtual assets. 

Despite the immediate regulatory challenges, Hex Trust believes that addressing these issues is essential for fostering a sustainable and thriving long-term ecosystem. Hex Trust is optimistic that improved regulatory execution can reinforce Hong Kong's standing as a leading centre for digital assets. 

Read the full article here.

Events and Team Updates

Alessio Speaks on Digital Asset Custody and Adoption at Crypto Summit

Hex Trust’s CEO, Alessio Quaglini, was invited to speak at the Crypto Summit of Koh Samui, along with other industry leaders, experts, and entrepreneurs. His discussion focused on the importance of secure custody solutions - from self-custody to third party custodians, the role of Hex Trust's blockchain technology in ensuring compliant settlement processes, and tokenization as a trend that will trigger seismic shifts in the financial landscape.

Hex Trust Team Volunteers at Food Angel to Address Local Food Scarcity

The Hex Trust team also demonstrated its ongoing commitment to community support. In June, the team had the privilege of volunteering with the Food Angel by Bo Charity Foundation for the second time. 

Food Angel rescues edible surplus food from the F&B industry that would otherwise be disposed of as waste. Over 20,000 nutritious meals are prepared from the rescued food items and redistributed to Hong Kong’s underprivileged communities. Thirteen Hex Trust team members volunteered to prepare over 2,000 meals for communities facing food scarcity. 

Food Angel, established in 2011, operates with the mission of "Waste Not, Hunger Not, With Love." Their dedication to education and community care is truly inspiring. We are grateful to Food Angel HK for this meaningful opportunity and look forward to continuing our support for their impactful work.

Product Updates: June 2024 

In June, Hex Trust made enhancements to Hex Safe:

New Chain Support

  • Neutron

New Asset Support

  • $ZENT (Zentry, Ethereum)
  • $sFLR (Staked Flare, Flare)
  • $BLS (BloodLoop, Avalanche)
  • $MAGA (MagaHat, Ethereum)
  • $EURR (StablR Euro, Ethereum)
  • $BAT (Basic Attention, Ethereum)
  • $BEAM (Beam, Ethereum)
  • $COMP (Compound, Ethereum)
  • $NTRN (Neutron, Neutron)

For a complete list of all supported blockchains and tokens on Hex Safe, you can refer to our knowledge base.

Product Enhancements

Hex Safe Mobile App Update Released for iOS

  • Users can now pair multiple accounts on a single device
  • Enhanced user interface (UI) for improved usability
  • Approval expiry time increased from 24 to 48 hours

Important Reminder:

  • The old app version will still function, so users are not required to update immediately.
  • After updating, users will need to re-enter their existing PIN or password and set up a new one.
  • This iOS update is the first phase, with the Android update coming at a later date.

For detailed guidance on managing accounts and devices within the Hex Safe Mobile App, please refer to this article.

For further information and assistance, contact our support team at support@hextrust.com.

Our work continues and we look forward to bringing you more updates in July.

— The Hex Trust Team

Thank you! Your submission has been received!
Download the PDF ⟩
Oops! Something went wrong while submitting the form.
More from Hex Trust
May 2024: Charting New Frontiers
June 7, 2024
May 2024: Charting New Frontiers
From product updates, to building connections at key industry events and sharing our insight with the media on Hong Kong's crypto ETF debut, May has been another month of progress and growth at Hex Trust - and across the industry.
Read More ⟩
April 2024: Crypto Momentum
May 7, 2024
April 2024: Crypto Momentum
In April, Hex Trust achieved several milestones, including partnerships, product enhancements, and participation in industry events. They formed new partnerships with Wultra and OpenEden, expanded the capabilities of the Hex Safe platform, and participated in leading global events such as Paris Blockchain Week and TOKEN2049.
Read More ⟩
March 2024: Crypto Market Development
April 8, 2024
March 2024: Crypto Market Development
March Recap: Overcoming challenges in Hong Kong's VATP licensing. Hex Trust proudly attains SOC 1 Type II Certification, demonstrating strong financial controls. Thriving through strategic partnerships. Fostering team dynamics, diversity, and unveiling exciting new product developments
Read More ⟩
We use cookies, including third-party cookies, to ensure that we give you the best experience on our website. By continuing to browse, you consent to the use of cookies. Learn more about cookies and how to control whether they are enabled. View our Privacy Policy for more information.
Cookie preferences