In a landmark move for the cryptocurrency industry, Hex Trust, a prominent player in institutional-grade crypto custody, has significantly bolstered its position in the Middle East. The company has recently obtained a full operating license from the Virtual Assets Regulatory Authority (VARA) in Dubai, a step that marks a major advancement in its regional expansion goals. Targeting a client base of institutions and wealthy individuals highlights Hex Trust’s dedication to spreading its influence in the Middle East’s thriving economies.
The journey to this achievement began earlier in the year when Hex Trust first received a license for its minimum viable product (MVP) from VARA in February. The progression to a full license is a testament to the company’s commitment to meeting the stringent regulatory standards required in the digital asset space. Filippo Buzzi, the Regional Director for the Middle East and North Africa at Hex Trust, has been instrumental in steering the company through this expansion, capitalizing on the region’s growing appetite for digital assets and favorable regulatory climate.
Hex Trust’s expansion isn’t limited to the Middle East. Earlier this year, the company secured approval from the French government, a significant stride in its global expansion strategy. This allows Hex Trust to offer a suite of digital asset services, including trading, purchasing, and custody in France, further enhancing its global footprint.
These regulatory achievements are part of a wider trend where governments and regulatory bodies increasingly recognize and integrate cryptocurrency into formal economic structures. By adhering to these frameworks, Hex Trust builds trust within the digital asset ecosystem and underscores the importance of regulatory compliance in this rapidly evolving sector.
This strategic move in Dubai follows closely on the heels of Hex Trust’s substantial capital boost, which saw the company raise $88 million in a Series B funding round last year. This financial influx has been pivotal in enabling the firm to pursue and secure the necessary licenses, underlining its commitment to operating within legal boundaries.
Hex Trust’s successful navigation of Dubai’s regulatory landscape is a bellwether for the industry, showcasing how compliance and security can be harmoniously balanced in providing digital asset services. This is especially crucial for their target clientele of institutions and high-net-worth individuals who require bespoke solutions in the digital asset domain. This development elevates Hex Trust’s stature in the Middle East and sets a global benchmark for compliant and secure digital asset services.