A fully licensed and insured provider of bank-grade custody for digital assets, Hex Trust, released a press release on Nov. 24 on receiving the Minimum Viable Product (MVP) license from Virtual Assets Regulatory Authority (VARA) in Dubai. 

With the MVP license, the company can provide a range of “Services Hex Trust can provide Virtual Assets custodial services, Broker-Dealer Services, and Staking Services,” as mentioned in the release.

This will also provide an array of virtual asset services to institutional clients and sophisticated investors in Dubai within its framework for virtual asset service providers (VASPs).

Filippo Buzzi, Regional Director MENA of Hex Trust said, “Becoming one of the first virtual asset companies and custodians to receive the license is a big step for Hex Trust as we establish ourselves in the MENA region. We recognize the enormous potential in this region for building one of the leading virtual asset hubs in the world. Hex Trust looks forward to expanding our client base in Dubai following the license approval and making a positive contribution to the VA ecosystem in the region.”

This development follows the issuance of the Hex Trust provisional license in June 2022  for the Middle East and North Africa region. The regional headquarter of the company is in Dubai.

There are other two crypto exchange and trade firms that have already bagged MVP licenses from Dubai authorities recently, such as Binance and Komainu. 

In Dubai, Virtual Assets Regulatory Authority (VARA) is the world’s first independent, and sole regulator and authority to regulate virtual assets.

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