Hex Trust, a provider of bank-grade custody and related services for digital assets, has obtained the licence from Dubai’s Virtual Asset Regulatory Authority (VARA) to launch operations in the city.

The new minimum viable product (MVP) licence was granted after the firm received a provisional licence in June this year.

It will help the Hong-Kong based company to provide institutional clients and investors in Dubai with various virtual asset services.

Hex Trust will offer virtual assets custodial services as well as broker-dealer services and staking services, under the MVP.

The company opened its office in Dubai, which functions as Hex Trust’s headquarters in Middle East and North Africa (MENA), in June 2022.

It is currently operated under Hex Trust regional director for MENA Filippo Buzzi.

Buzzi 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 recognise 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.”

With offices in Singapore, Hong Kong, Dubai, Italy, and Vietnam, Hex Trust Group currently offers its services across Asia.

Hex Trust co-founder and CEO Alessio Quaglini said: “From day one, Hex Trust was built to follow the strictest compliance policies and adhere to regulatory standards across the main jurisdictions.

“Being amongst the first companies to be granted the MVP is exciting, given the enormous potential of the sector in Dubai.”