Hex Trust Secures VASP License in Dubai

Hex Trust Expands Services in Dubai

Hong Kong-based Hex Trust has successfully secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). This significant milestone allows Hex Trust to offer comprehensive virtual asset custodial services to institutional clients and investors in Dubai, marking an expansion of its operational capabilities in the region.

Strategic Establishment in Dubai

Hex Trust's journey in Dubai began with the establishment of its office in June 2022. The firm initially received a minimum viable product (MVP) operations license in February 2023, which allowed it to operate on a limited scale. With the recent full VASP license granted on November 15, Hex Trust can now provide an extensive range of services to its institutional clientele within the jurisdiction.

Enhancing Institutional Client Services

With the VASP license, Hex Trust is poised to strengthen its position as a leading institutional cryptocurrency asset custodian. The license empowers the firm to meet the growing demand for secure and reliable custodial services in the burgeoning digital asset market of Dubai. This development underscores Hex Trust's commitment to compliance and regulatory standards, ensuring trust and security for its clients.

Market Impact and Future Prospects

The acquisition of the VASP license is expected to enhance Hex Trust's reputation in the cryptocurrency industry, enabling it to attract more institutional investors seeking trustworthy custodial solutions. As Dubai continues to evolve as a hub for digital assets, Hex Trust's strategic move positions it advantageously to capitalize on new opportunities and contribute to the region's financial ecosystem.

By achieving regulatory compliance and expanding its service offerings, Hex Trust is set to play a pivotal role in the advancement of virtual asset management in Dubai.