Hex Trust, a leading provider of institutional-grade cryptocurrency custodial services, has achieved a significant milestone in its expansion strategy by securing a full operating license from Dubai’s Virtual Assets Regulatory Authority (VARA). This development marks a key step in the firm’s commitment to extending its footprint in the Middle East, particularly targeting institutional clients and affluent individuals in Dubai.
Earlier this year, Hex Trust initiated its regulatory journey with VARA by obtaining a license for its minimum viable product (MVP) in February. Since then, the company has successfully navigated the comprehensive licensing requirements, culminating in the acquisition of the full operating license. This accomplishment underscores Hex Trust’s adherence to rigorous regulatory standards and its dedication to providing secure and compliant digital asset storage solutions.
Filippo Buzzi, Hex Trust’s Regional Director for the Middle East and North Africa, emphasized the firm’s strategy to enhance its presence in the region. He noted the favorable regulatory environment and the growing enthusiasm for digital assets in the Middle East as key drivers for this expansion. This strategic move aligns with Hex Trust’s goal to address the increasing demand for secure and compliant digital asset services in the region’s flourishing economies.
Moreover, Hex Trust has been on a global quest to acquire regulatory approvals, further cementing its reputation as a reliable and compliant crypto custodian. This pursuit has borne fruit, as evidenced by the firm’s success in securing approval from the French government in August. Consequently, Hex Trust can now offer a range of services, including digital asset trading, purchasing, and custody in France.
The company’s achievement in Dubai reflects a broader global trend, where governments are increasingly acknowledging the legitimacy of the cryptocurrency sector. By conforming to regulatory frameworks, Hex Trust reinforces the importance of compliance in building trust and legitimacy in the rapidly evolving digital asset ecosystem.
This regulatory approval in Dubai comes on the heels of Hex Trust’s substantial capital infusion, with an $88 million Series B fundraising round completed last year. This financial backing has enabled the firm to aggressively pursue and secure necessary licenses, showcasing its commitment to operating within the established legal frameworks.
Hex Trust’s latest accomplishment in Dubai enhances its credibility in the Middle East and sets a precedent for the crypto industry. By navigating the regulatory landscape successfully, Hex Trust paves the way for more compliant and secure digital asset services, catering to the nuanced needs of institutional and high-net-worth clients in the region.