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Disclaimer: This story was originally published on June 5, 2024

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Cryptocurrency custodian Hex Trust has been awarded an additional virtual asset service provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA), the company said on June 5.

The new VASP license is specifically for Hex Trusts markets arm, registered as  HT Markets MENA (Hex Trust) FZE in Dubai. The new permit allows the entity to offer broker-dealer and management and investment services, including regulated staking offerings, to institutional and qualified investors.

The new license is still pending, however, according to VARA’s public register. 

Filippo Buzzi, regional director for the Middle East and North Africa at Hex Trust, emphasized that the new VASP license underscores the company's dedication to promoting innovation within the cryptocurrency ecosystem and ensuring secure market access in the region.

“We are fully committed to expanding into the region and see enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem,” he added.

Hex Trust CEO Alessio Quaglini shared the same sentiment, adding that compliance and regulations has always been a priority to the company. He also acknowledged Dubai’s prospect in the evolution of the global digital ecosystem:

“There is so much potential in the Emirate of Dubai and the issuance of the VASP license for Hex Trust Markets demonstrates the evolution of our digital asset service provision to meet the demands of our clients and the market.”

The firm bagged its first VARA VASP license in November 2023, which allowed it to offer digital asset custodial services. Previously, the company obtained a minimal viable product (MVP) operations license in February 2023.

Hex Trust has offices in Hong Kong, Singapore, Vietnam, Dubai, Italy, and France.