Institutional-grade digital asset custodian Hex Trust has secured a full virtual asset service provider (VASP) licence from the Virtual Asset Regulatory Authority (VARA) in Dubai.

This follows the issuance of its minimum viable product operational licence in February 2023, which marks the final step in the authority's licensing process, allowing Hex Trust to offer virtual assets custodial services to institutional clients and sophisticated investors in Dubai.

VARA, as the world’s first independent regulator for virtual assets, continues to, as it says, “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 Filippo Buzzi the company's director for the Middle East and North Africa region. The approval of this VASP licence demonstrates, the company says, its “commitment to fostering crypto ecosystem innovation and enabling safe market adoption to accelerate the development of the virtual asset industry in the region”.

“Hex Trust is fully committed to expanding into the Middle East,” Buzzi notes, “and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”

Alessio Quaglini, the company’s co-founder and CEO, adds: “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.”