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Hex Trust obtains second VASP licence in Dubai
New regulatory nod allows firm to offer virtual asset broker-dealer, management and investment services
The Asset 7 Jun 2024

The Hex Trust Group, a digital asset custodian based in Hong Kong, has secured an additional virtual asset service provider (VASP) licence from the Virtual Asset Regulatory Authority (VARA) in Dubai.

This second licence extends to the firm’s virtual asset broker-dealer and virtual asset management and investment arm, HT Markets MENA FZE.

It allows Hex Trust to offer comprehensive virtual asset services covering broker-dealer and management and investment services, which include regulated staking services.

Hex Trust obtained its first VASP licence in Dubai in November 2023, enabling it to provide virtual asset custodial services to institutional clients and sophisticated investors.

Hex Trust Markets offers safe access to the DeFi ecosystem, where clients can generate yield with native on-chain staking solutions and execute trades with the support of Hex Trust’s dedicated markets team.

As the world’s first independent regulator for virtual assets, VARA serves as a transparent and trusted guiding authority for the crypto industry. Hex Trust’s Dubai office was established in June 2022 and is led by MENA managing director Filippo Buzzi. 

“The approval of this additional VASP license demonstrates Hex Trust’s 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,” Buzzi says.

Hex Trust co-founder and chief executive officer Alessio Quaglini adds: “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.”

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