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Hex Trust Secures Additional VASP License from Dubai’s VARA

Hex Trust, an institutional digital asset custodian, has received an additional virtual asset service provider (VASP) licence from theVirtual Asset Regulatory Authority (VARA) in Dubai.

VARA is the entity in charge of regulating, supervising and overseeing virtual assets in all zones across the Emirate of Dubai. This new licence extends to its virtual assets broker-dealer and management and investment arm, HT Markets MENA FZE, enhancing its ability to offer virtual asset services.

This development follows Hex Trust’s initial VASP licence granted in November 2023, enabling it to provide custodial services to institutional clients and sophisticated investors. The new licence also enables Hex Trust to offer regulated staking services, as well as broker-dealer and investment management services.

Hex Trust Markets will now provide access to the DeFi ecosystem, enabling clients to generate yield with native on-chain staking solutions and execute trades with support from a global trading team offering 24/7 coverage. Key services also include OTC trading solutions, deep liquidity access, risk management solutions, and fiat on-ramp/off-ramp services.

Expansion plans

Filippo Buzzi, Hex Trust’s MENA managing director, highlighted the significance of this approval in demonstrating its commitment to fostering crypto ecosystem innovation and enabling safe market access in the Middle East.

“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.”

Co-founder and CEO Alessio Quaglini also added: “Hex Trust’s commitment to compliance and regulation has always been a priority, and this has earned us a reputable standing as a reliable partner for both crypto-native and traditional finance institutions.

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

Since opening in June 2022, Hex Trust’s Dubai office has positioned itself to contribute to the MENA region’s status as a global virtual asset hub.

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