Vara’s authorization allows Hong Kong-based cryptocurrency custodian Hex Trust to offer its services to institutional investors and clients in Dubai, where it opened an office in June 2022.
After receiving a minimal viable product (MVP) operations license in Feb. 2023, the firm has now been granted a full virtual asset service provider (VASP) license on Nov. 15.
According to Filippo Buzzi, Hex Trust’s Regional Director of MENA, this approval places the company among a small number of cryptocurrency exchanges and service providers that have been allowed to operate in Dubai.
He also states that Dubai’s progressive regulations, welcoming government, and flourishing crypto ecosystem make it a promising region for digital asset growth.
Co-founder and CEO of Hex Trust, Alessio Quaglini, believes that Dubai offers a favorable environment for businesses in the industry to expand and benefit from the progressive regulatory approach of the region.
