Hex Trust, a crypto custody service, has secured provisional approval from regulators in Dubai and will open a regional office in the city, the company announced on Tuesday.
According to the announcement, Hex Trust was granted preliminary approval by Dubai’s Virtual Assets Regulatory Authority (VARA). This preliminary approval puts the digital asset custodian in line to receive a Virtual Asset MVP License.
Dubai’s government created VARA in March and tasked the agency with overseeing the activities of crypto and digital asset firms. Companies looking to obtain VARA licenses must establish an operating presence in the city.
Hex Trust already has operating licenses in Hong Kong and Singapore. By establishing a presence in Dubai, the institutional crypto custodian now has offices in four different jurisdictions including Vietnam.
Filippo Buzzi, the head of the company’s Dubai office, stated in the announcement that the move to secure a VARA license was part of the planned Middle East expansion for the crypto custodian.
Hex Trust raised $88 million in a Series B funding round in March. Animoca Brands and Liberty City Ventures led the capital raise with participation from BlockFi, CoinList, Morgan Creek, and several other backers.
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