In a significant development for the cryptocurrency sector, Hex Trust, an institutional-grade crypto custodian, has achieved a major breakthrough by securing a full operating license from Dubai’s Virtual Assets Regulatory Authority (VARA). This milestone positions Hex Trust as a key player in the Middle East’s expanding crypto landscape.
VARA’s Framework: Navigating Regulatory Approval
Hex Trust’s full operating license under VARA’s regulatory framework for crypto service providers marks the successful conclusion of the approval process, which came into effect earlier this year. Initially, the company received a minimum viable product (MVP) operational license in February, paving the way for the recent comprehensive operating license. This regulatory green light authorizes Hex Trust to continue and expand its crypto custodial services in the region.
Dubai Expansion: Meeting Demand for Crypto Custodial Services
With an enlarged presence in Dubai, Hex Trust is strategically positioned to deliver extensive crypto custodial services to institutional clients and sophisticated investors. This move aligns with the company’s commitment to meeting the rising demand for secure and regulated digital asset storage solutions in the Middle East.
Filippo Buzzi, Hex Trust’s MENA regional director, emphasized the company’s dedication to expanding in the Middle East, citing the region’s progressive regulations, welcoming governments, and thriving crypto ecosystem as key drivers.
Global Regulatory Approvals and Series B Funding
Hex Trust’s success in Dubai follows its substantial $88 million Series B funding round last year. The company has actively pursued and secured regulatory approvals globally, receiving clearance in France in August. This positions Hex Trust as a reputable and compliant entity in the crypto custodial space, offering a range of services from digital asset custody to purchasing, selling, and trading.
Hex Trust’s adept navigation through regulatory processes in Dubai and other jurisdictions reflects a broader trend of increasing acceptance of the cryptocurrency industry by regulatory authorities globally. The company’s strategic commitment to compliance underscores the significance of aligning with regulatory frameworks, aiming to instill trust and legitimacy in the rapidly evolving digital asset landscape.