Hex Trust Receives Virtual Asset Service Provider [VASP] License from VARA in Dubai

Hex Trust Receives Virtual Asset Service Provider [VASP] License from VARA in Dubai

November 15, 2023

DUBAI, 15 NOVEMBER, 2023 - Hex Trust, the leading institutional-grade digital asset custodian licensed and insured across global financial hubs, has secured a full Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai.

This follows the issuance of its MVP operational license in February 2023, which marks the final step in VARA's licensing process, allowing Hex Trust to offer Virtual Assets Custodial Services to institutional clients and sophisticated investors in Dubai.

As the world’s first independent regulator for virtual assets, VARA continues to serve as a transparent and trusted guiding authority for the crypto industry, through which there is a licensing process specifically designed for digital asset custodians. Hex Trust’s Dubai office was established in June 2022, and is led by Regional MENA Director, Filippo Buzzi.  The approval of this VASP license demonstrates Hex Trust’s commitment to fostering crypto ecosystem innovation and enabling safe market adoption to accelerate the development of the virtual asset industry in the region. 

“It is exciting for us to become one of the first virtual asset companies to receive this operating license in Dubai,” said Filippo Buzzi, Hex Trust’s Regional Director MENA. “Hex Trust is 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.”

“Hex Trust’s commitment to compliance and regulation has always been a priority. This focus has allowed us to be granted a full operating license in Dubai – one of the few companies to obtain this,” said Alessio Quaglini, Co-Founder and CEO of Hex Trust. “There is so much potential in the Emirate of Dubai. We’re excited to continue to scale our business in the region and make a positive contribution to the virtual asset ecosystem.”

Being one of the first fully operational virtual asset custodians sets a high standard for security, assets segregation, trustworthiness, and innovation across the Dubai ecosystem. The completion of VARA’s licensing process demonstrates Hex Trust’s commitment to provide a comprehensive, secure and compliant trading environment for digital asset investors in Dubai, and its dedication to help build the virtual asset ecosystem in the MENA region, which is fast becoming one of the world’s leading virtual asset hubs. 

Despite the challenging environment during the crypto winter, Hex Trust has maintained a forward momentum. In July, Hex Trust received regulatory approval in France to provide digital asset custody services, introduced innovative AI-driven investment tools, and actively participated in global industry events. Hex Trust's dedication to delivering 24/7 regulated digital asset support to its 200+ global institutional clients remains unwavering as the industry recovers from the bear market. Its resilient approach is a positive signal of confidence and underscores its commitment to building secure blockchain infrastructure and expanding its global reach as a fully-licensed digital asset custodian.

About Hex Trust
Hex Trust is a fully-licensed and insured digital asset custodian. Led by veteran banking technologists and award-winning financial services experts, Hex Trust has built Hex Safe, a proprietary institutional-grade platform that delivers solutions for digital asset protocols, foundations, financial institutions, and the Web3 ecosystem. Hex Trust has offices in Hong Kong, Singapore, Vietnam, Dubai, France and Italy.
For more information: visit hextrust.com or follow Hex Trust on LinkedIn, Twitter and Telegram.

About VARA
Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in
charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of
Dubai, including Special Development Zones and Free Zones but excluding the Dubai International
Financial Centre. VARA plays a central role in creating Dubai’s advanced legal framework to protect
investors and establish international standards for Virtual Asset industry governance, while supporting
the vision for a borderless economy.

For more information visit vara.ae/en/

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