Dubai-based digital asset service provider Hex Trust has been granted a full virtual asset service provider (VASP) license by the Virtual Asset Regulatory Authority (VARA) of Dubai. The regulatory approval, which came into effect on November 15th, enables the company to provide comprehensive digital asset services within the jurisdiction.
According to Filippo Buzzi, Hex Trust’s Regional Director for the Middle East and North Africa, this positions the firm amongst a select group of fully licensed cryptocurrency exchanges and service providers in Dubai. He also affirmed Hex Trust’s commitment to further expansion in the region, citing supportive regulations, government backing, and a thriving crypto ecosystem as key drivers of digital asset growth.
However, this latest regulatory approval comes after the company first acquired a minimal viable product license to operate in Dubai in February 2023. Hex Trust also received authorization from France in August to offer services to companies in the country. The firm maintains a presence globally with offices in Hong Kong, Singapore, Vietnam, Dubai, Italy, and France.