<p>In yet another instance of progress for the cryptocurrency sector, Hex Trust MENA FZE, the Dubai-incorporated subsidiary of Hong Kong-headquartered institutional-grade crypto custodian Hex Trust, has successfully secured an operating license from the Dubai regulator, the Virtual Assets Regulatory Authority (VARA).</p><h2 id="header-0">Extending regional presence</h2><p>This regulatory milestone, acknowledged by the firm in a <a href="https://hextrust.com/resources-collection/hex-trust-receives-virtual-asset-service-provider-vasp-license-from-vara-in-dubai" rel="noopener noreferrer nofollow">statement</a> it made public on Wednesday, not only solidifies Hex Trust’s presence in the Middle East but also marks a strategic move to extend its crypto custodial services to institutional clients and sophisticated investors in Dubai. While based in Hong Kong, Hex Trust has offices in Dubai, Singapore, Vietnam and Italy.</p><p>This full operating license signifies the successful conclusion of the approval process within VARA’s regulatory framework for crypto service providers, which came into effect earlier this year. Initially granted a minimum viable product (MVP) operational license in February, Hex Trust’s latest achievement grants it the official authorization to continue its operations in the region, marking a pivotal moment in the company’s expansion strategy.</p><p>With an increased footprint in Dubai, Hex Trust is now poised to deliver comprehensive crypto custodial services to both institutional clients and sophisticated investors. This strategic move is in line with the company’s aspiration to meet the escalating demand for secure and regulated digital asset storage solutions in the Middle East.</p><p>Filippo Buzzi, Hex Trust’s MENA regional director, underscored the company’s dedication to expanding its reach in the Middle East, stating:</p><p>“Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”</p><p>This statement not only highlights the favorable regulatory environment but also emphasizes the increasing interest in cryptocurrencies within the Middle Eastern market.</p><h2 id="header-1">$88 million funding round</h2><p>Hex Trust’s recent success in Dubai comes on the heels of its $88 million Series B <a href="https://www.theblock.co/post/137892/hex-trust-raises-series-b-funding-crypto-custodian" rel="noopener noreferrer nofollow">funding round</a> last year, showcasing the company’s proactive approach to securing regulatory approvals on a global scale.</p><p>In August, the firm <a href="https://hextrust.com/resources-collection/hex-trust-receives-regulatory-approval-in-france-to-provide-digital-asset-custody-services" rel="noopener noreferrer nofollow">received</a> regulatory clearance in France, enabling it to offer a spectrum of services, including digital asset custody, purchasing, selling and trading. These regulatory triumphs position Hex Trust as a reputable and compliant entity in the competitive crypto custodial space.</p><h2 id="header-2">Series of approvals</h2><p>While Hex Trust has demonstrated its adept navigation through regulatory processes in Dubai, it’s one of many companies to obtain licensing in the emirate in recent weeks.</p><p>It <a href="https://medium.com/@coinness.gl/crypto-coms-dubai-based-subsidiary-secures-crypto-license-ea1472f7a4fb" rel="noopener noreferrer nofollow">emerged</a> yesterday that CRO DAX Middle East, the Dubai-registered subsidiary company of Singapore-headquartered Crypto.com, received a trading license from VARA.</p><p>Last week, Korean Web3 company CarrieVerse <a href="https://medium.com/@coinness.gl/carrieverse-joins-dubais-dmcc-as-metaverse-service-provider-5fb20494da22" rel="noopener noreferrer nofollow">clarified</a> that it had joined the Dubai Multi Commodities Center (DMCC) as a metaverse service provider. The DMCC is a United Arab Emirates (UAE) government agency which has developed into a hub for investors and Web3 startups. CarrieVerse and the DMCC have not as yet revealed details regarding the roadmap for the partnership.</p><p>At the start of this month, VARA <a href="https://medium.com/@coinness.gl/dubais-vara-grants-wadzpay-initial-approval-of-trading-license-b8cc7b844a31" rel="noopener noreferrer nofollow">awarded</a> Singapore’s WadzPay, a business-to-business (B2B) technology firm that focuses on enabling digital asset-based transaction processing and settlement, a license to trade within the emirate. Meanwhile, on Nov. 1, it <a href="https://medium.com/@coinness.gl/backpack-crypto-wallet-secures-vasp-license-for-crypto-exchange-in-dubai-2ba0bf34032d" rel="noopener noreferrer nofollow">emerged</a> that crypto wallet project Backpack had received a license from the Dubai regulator.</p>

Full operating license approval for Hex Trust in Dubai

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