With its clear regulations, Dubai is becoming a hub of crypto companies as HEX Trust became the latest to secure a Virtual Asset Service Provider (VASP) license from the city’s Virtual Asset Regulatory Authority (VARA).

HEX Trust Is Expanding Global Presence

The new license will allow HEX Trust to offer Virtual Assets Custodial Services to institutional clients and sophisticated investors in Dubai. It was granted after the company received the prerequisite MVP operational license from VARA in February 2023.

“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,” said Filippo Buzzi, Hex Trust’s Regional Director of MENA.

Meanwhile, HEX Trust has been growing its global footprint. Based in Hong Kong, the company is moving toward the Western markets and secured a French crypto license last August. The company is also expanding through partnerships: it inked a deal with GCEX to offer staking services to institutional clients.

Crypto Companies Like Dubai

Dubai, one of the emirates in the UAE known for its encouraging service-based business, streamlined the crypto rules with a framework last year and established a separate regulatory body, VARA, to oversee the sector.

The push towards digital assets turned out to be positive as several crypto companies, big and small, are now establishing bases in Dubai and gaining local licenses. Most recently, Crypto.com and Ripple received the VASP license from VARA to expand their operations in the Middle East. Other major names with this license are Binance, Bybit, and OKX.

The investors in the UAE are additionally bullish on crypto, as a KuCoin survey revealed that 59 percent of crypto users in the country see the asset class as a long-term investment, recognizing it as a reliable store of value. Another 35 percent view crypto as a means to diversify their investment portfolios.

“There is so much potential in the Emirate of Dubai,” added Alessio Quaglini, the Co-Founder and CEO of Hex Trust. “We’re excited to continue to scale our business in the region.”