Hex Trust, a digital asset custodian licensed in Hong Kong and Singapore, has received a Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).

The MVP license allows Hex Trust to provide a range of virtual asset services to institutional clients and investors in Dubai including virtual assets custodial services, broker-dealer services, and staking services.

Hex Trust received its provisional license from VARA and opened its MENA headquarters in Dubai in June 2022. The office is headed by Filippo Buzzi who was previously with financial consulting group Fidinam.

The company last raised a US$88 million Series B in March 2022 led by Animoca Brands and Liberty City Ventures, a US$10 million venture round in October 2021, and a US$6 million Series A in April 2021.

“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,”

said Filippo Buzzi, Regional Director MENA of Hex Trust.

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

said Alessio Quaglini, Co-Founder and CEO of Hex Trust.