Hex Trust Exchange Secures Duabi’s VARA’s VASP License

Hong Kong-based institutional cryptocurrency asset custodian Hex Trust has been granted a full Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Asset Regulatory Authority (VARA) to provide virtual asset custodial services in the region.

Hex Trust set up an office in Dubai in June 2022 and was initially granted a Minimal Viable Product (MVP) operations license in February 2023.

With the recent approval, Hex Trust is now part of a select group of cryptocurrency exchanges and service providers authorized to serve institutional investors and qualified investors in Dubai. The company aims to take advantage of the progressive regulations and welcoming environment in the Middle East to foster digital asset growth.

Hex Trust has recently received regulatory approval to provide its services in France. In addition, the company has integrated with MetaMask Institutional to offer custodial services to institutional clients.

This is a significant achievement for the company and highlights the growth of the cryptocurrency ecosystem in France. It’s worth noting that the introduction of new regulations in the European Union in 2024 will enable licensed exchanges and wallet providers in one EU member state to operate across all 27 EU countries.

This development presents opportunities for companies like Hex Trust to expand their reach and serve a broader European customer base.

It’s worth noting that France has become an attractive destination for cryptocurrency firms due to its favorable stance towards cryptocurrencies. The country offers tax incentives on crypto gains and a simplified registration procedure with financial regulatory authorities.

In addition, several well-known cryptocurrency exchanges such as Binance, Bybit, Laser Digital Middle East, BitOasis (currently suspended), OKX, Crypto.com, FTX (revoked), and Huobi have previously obtained MVP or VASP licenses.