Hex Trust Receives Virtual Asset License in Dubai

Hex Trust, a Hong Kong-based crypto custodian, is the latest crypto company to get temporary approval from the Dubai government to conduct business in the region. According to a statement released Monday, Hex Trust is getting a Virtual Asset MVP License from the Virtual Assets Regulatory Authority (VARA) to provide a range of services to institutional clients and sophisticated investors. 🇦🇪Hex Trust is officially open for business in Dubai, with a provisional Virtual Asset MVP License. Through this, we hope to foster innovation, safer market adoption & accelerate the development of #digitalassets in the Middle East. https://t.co/BZuZj85NXG — Hex Trust (@Hex_Trust) June 21, 2022 Virtual Asset Regulation VARA, established in March this year, is in charge of virtual asset regulation through a licensing system. The regulator is also crafting regional strategic plans and policies for digital assets, as well as regulating, supervising, and establishing KYC/AML laws. In May, it became the first regulator in the world to establish a presence in the metaverse to boost stakeholder accessibility. The custodian said it would create an office in Dubai to serve as a regional headquarters in the Middle East now that it has received provisional approval. The move comes after the custodian’s latest and first large fundraising in March when it raised $88 million in a Series B funding round to expand its operations to the Middle East and Europ...