Crypto Custodian Hex Trust Obtains Full Dubai Operating License

This final approval allows the firm to offer digital asset custodial services to institutional clients and sophisticated investors in Dubai.

AccessTimeIconNov 15, 2023 at 5:00 a.m. UTC
Updated Mar 8, 2024 at 5:13 p.m. UTC

Institutional-grade crypto custodian Hex Trust has obtained a full operating license from Dubai's Virtual Assets Regulatory Authority (VARA), the company announced Wednesday.

The operating license is the final approval under VARA's regulatory regime for crypto service providers, which came into effect earlier this year. Hex Trust was approved for a minimum viable product (MVP) operational license by the regulator in February, and completing the final step in the licensing process allows the firm to continue offering crypto custodial services to institutional clients and sophisticated investors in Dubai.

“Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region," Filippo Buzzi, Hex Trust’s MENA regional director, said in a press statement.

The firm was also approved for registration with France's financial markets regulator to offer digital asset custody, buying, selling and trading in August, signaling expansion in Europe as well.

Edited by Stephen Alpher.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.