Dubai, United Arab Emirates, 24 November 2022: Hex Trust, the leading fully licenced and insured provider of bank-grade custody and associated services for digital assets, has received the Minimum Viable Product (MVP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA). This follows the issuance of its provisional licence in June 2022.
The MVP licence will allow Hex Trust to provide a wide range of virtual asset services to [institutional clients and sophisticated investors] in Dubai within its framework for virtual asset service providers (VASPs). The range of services Hex Trust can now provide includes Virtual Assets custodial services, Broker-Dealer Services and Staking Services.
The MVP licence is a testament to Hex Trust’s commitment to adhering to strict compliance and regulatory policies and also its dedication to helping build the virtual asset ecosystem in Dubai. Hex Trust opened its Dubai office in June 2022, which is run by Filippo Buzzi, and serves as its headquarters for the MENA region.
Filippo Buzzi, Regional Director MENA of Hex Trust, commented, “Becoming one of the first virtual asset companies and custodian to receive the licence is a big step for Hex Trust as we establish ourselves in the MENA region. We recognize the enormous potential this region has to build one of the leading virtual asset hubs in the world. Hex Trust looks forward to expanding our client base in Dubai following the licence approval and making a positive contribution to the VA ecosystem in the region.
Alessio Quaglini, cofounder and CEO of Hex Trust, commented, “From day one, Hex Trust was built to follow the strictest compliance policies and adhere to regulatory standards across the main jurisdictions. Being amongst the first companies to be granted the MVP is exciting, given the enormous potential of the sector in Dubai.”
This market notice is being issued by Dubai’s Virtual Assets Regulatory Authority (VARA) to highlight to all industry stakeholders, and consumers that the deadline for VA sector entities to engage in the regulatory licence application process has now elapsed. As formally announced on 05.November further to multiple advisories since Q2-2023, entities operating within the virtual asset domain were required to commence procedural engagement with VARA on/or before 17.November.2023.