Regulators in Dubai have provisionally approved Hex Trust, a crypto custody service.
Hex Trust will open a regional office in Dubai.
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.
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.