Hex Trust Has Been Granted A Virtual Asset License In Dubai.

Hex Trust is establishing a headquarters in Dubai and is committed to supporting digital asset innovation in the region, according to the company.

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 in the process of getting a Virtual Asset MVP License from the Virtual Assets Regulatory Authority (VARA) in order to provide a range of services to institutional clients and sophisticated investors.

VARA, which was established in March of this year, is in charge of virtual asset regulation through a license system. The regulator is also in charge of 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 foothold in the metaverse as a method of boosting 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 announcement comes after the custodian’s latest and first large fundraising in March, when it raised $88 million in a Series B funding round aimed at expanding its operations to the Middle East and Europe.

Following Dubai’s leader, Mohammed bin Rashid Al Maktoum, enacting the “Regulation of Virtual Assets in the Emirate of Dubai” in February, crypto businesses have continued to rush to the major Arab emirate.

The regulation, also known as the Virtual Asset Law, aims to provide precise standards and definitions for digital assets, including NFTs.

FTX, Binance, Crypto.com, Bybit, and Kraken are among the main cryptocurrency exchanges that have lately opened regional headquarters and gained licenses.

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