Exclusive: Hex Trust Expands VASP License with VARA Approval in Dubai
Hex Trust Group, a renowned provider of digital asset solutions for various sectors, recently obtained an additional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). In an exclusive discussion with Hex Trust, the company disclosed the details of the new license, their successful navigation of Dubai’s crypto regulations, and upcoming service updates.
Established in 2018, Hex Trust operates as a digital asset custodian and recently secured an extension to its VA Broker-Dealer and VA Management and Investment arm, HT Markets MENA FZE. This expansion marks a significant milestone in Hex Trust’s service offerings and geographical coverage.
Hex Trust’s License Enhances Digital Asset Services in Dubai
Dubai, specifically the UAE, has emerged as a key player in the global cryptocurrency industry due to its solid regulatory framework and supportive environment for VASPs. The region offers strategic advantages such as favorable tax policies, investor-friendly policies, and advanced technological infrastructure, making it an attractive destination for crypto-related businesses seeking growth opportunities.
Hex Trust’s journey in Dubai began with the issuance of a full VASP License in November 2023, enabling the company to offer Virtual Asset Custodial Services to institutional clients. This initial license showcased Hex Trust’s dedication to regulatory compliance and paved the way for further expansions.
The recently acquired license expands Hex Trust’s service portfolio to include broker-dealer functions, management and investment services, and regulated staking services. Filippo Buzzi, Hex Trust’s Regional Director for MENA, highlighted the advantages of these licenses for institutional investors in the region.
Hex Trust Enhances Virtual Asset Services with DeFi Access and Regulated Staking
Through the new license, Hex Trust Markets can now provide secure access to the decentralized finance (DeFi) ecosystem. Clients can engage in on-chain staking solutions, execute trades with support from Hex Trust’s dedicated Markets team, and benefit from 24/7 client support for seamless trading experiences.
In addition to DeFi access, Hex Trust offers risk management solutions, fiat on-ramp/off-ramp services, and tailored over-the-counter (OTC) trading solutions to optimize trading outcomes. Alessio Quaglini, Co-Founder and CEO of Hex Trust, emphasized the company’s commitment to compliance and regulation, positioning them as a reliable partner for both traditional and crypto-native institutions.
VARA’s Role in Dubai’s Crypto Regulation and Global Virtual Asset Hub Status
VARA, the world’s first independent regulator for virtual assets, played a key role in facilitating Hex Trust’s strategic position in Dubai. The regulatory process, which includes consultations with license applicants and workshops, has positioned Dubai as a regional and international hub for virtual assets.
Matthew White, CEO of VARA, highlighted the importance of balancing innovation with regulation to cater to the diverse needs of the crypto community. He stressed the need for inclusive regulatory frameworks to attract investment and support the growth of organizations in the crypto space.
Dubai’s regulatory environment has positioned it as a global virtual asset hub, with the UAE reporting $25 billion in crypto transactions in 2022. The DMCC’s report on Web3 applications emphasized the market potential of cryptocurrencies, DeFi, and the metaverse, signaling a stable crypto market with renewed interest following Bitcoin’s resurgence in 2023.
As Hex Trust continues to prioritize regulatory compliance and innovation, the company remains committed to providing cutting-edge services and financing solutions to enable clients to capitalize on digital assets securely.