The post Hex Trust Secured Additional VASP License from Dubai’s VARA appeared on BitcoinEthereumNews.com.

On June 5, Hex Trust Group (HT), a leading provider of digital asset solutions for institutional finance, protocols, foundations, and the Web3 ecosystem, secured an additional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). In an exclusive interview with Hex Trust, the company revealed the content of the additional license, how Hex Trust has been able to navigate the Dubai crypto regulation and upcoming update in its services. The digital asset custodian established in 2018 noted that this new license extending to its VA Broker-Dealer and VA Management and Investment arm, HT Markets MENA FZE, is a critical expansion in Hex Trust’s service capabilities and geographic reach. Hex Trust Solidifies License to Enhance Digital Asset Services The United Arab Emirates (UAE), particularly Dubai, has become a global hub for the cryptocurrency industry thanks to its robust regulatory framework and supportive environment for Virtual Asset Service Providers (VASPs).  The UAE offers significant advantages, including strategic positioning, tax benefits, an investor-friendly atmosphere, and advanced technological infrastructure. These factors have made it an attractive destination for crypto businesses seeking to leverage the region’s progressive regulatory stance towards digital finance. Hex Trust’s journey in Dubai began with the issuance of its full VASP License in November 2023, which authorized the company to provide Virtual Asset Custodial Services to institutional clients and some investors.  This foundational license established Hex Trust’s commitment to regulatory compliance and set the stage for further expansion. According to the email shared with Bitcoinworld, the newly acquired license enhances Hex Trust’s ability to offer comprehensive virtual asset services, including broker-dealer functions, management and investment services, and regulated staking services. Filippo Buzzi, Hex Trust’s Regional Director, MENA, said, “The approval of this additional VASP license demonstrates Hex Trust’s commitment to fostering crypto ecosystem innovation and enabling safe…

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Filed under: News - @ June 11, 2024 3:22 pm