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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
Cayman Islands, Cayman Islands, 14th November 2024, Chainwire
Bitcoin Spot ETF Inflows have reached $510 million as of November 13, marking six consecutive…
Solana DEX trading volume reached historic highs, exceeding $5 billion daily for three days. Raydium…
Phantom iOS users are warned that a recent app update caused some users to log…
Japanese crypto exchange Coincheck is set to become the first Japanese crypto exchange to list…
The US DOJ investigates Polymarket for Alleged Illegal US User Bets Polymarket, for allegedly permitting…
This website uses cookies.