Hex Trust, a licensed and insured provider of bank-grade custody and associated services for digital assets, receives an MVP licence.

Hex Trusts, which is based in Asia, received the Minimum Viable Product licence this week from Dubai’s Virtual Asset Regulatory Authority. This follows the issuance of its provisional licence in June 2022.

The MVP licence will allow Hex Trust to provide a wide range of virtual asset services to institutional clients and sophisticated investors in Dubai within its framework for virtual asset service providers, the firm said in a statement.

The range of services Hex Trust can provide includes virtual assets' custodial services, broker-dealer services and staking services.

The Dubai move will widen Hex's footprint beyond Asia. The Hex Trust Group is a fully licensed and insured provider of bank-grade custody and associated services for digital assets in Asia. It has offices in Singapore, Hong Kong, Dubai, Italy, and Vietnam. 

The MVP licence shows Hex Trust’s commitment to adhering to compliance and regulatory policies and also its dedication to helping build the virtual asset ecosystem in Dubai, the firm said. Hex Trust opened its Dubai office in June 2022, which serves as its headquarters for the MENA region. It is run by Filippo Buzzi, regional director MENA of Hex Trust,.

“Becoming one of the first virtual asset companies and custodians to receive the licence is a big step for Hex Trust as we establish ourselves in the MENA region. We recognise the enormous potential in this region for building one of the leading virtual asset hubs in the world. Hex Trust looks forward to expanding our client base in Dubai following the licence approval and making a positive contribution to the VA ecosystem in the region,” Alessio Quaglini, co-founder and CEO of Hex Trust, added

“From day one, Hex Trust was built to follow the strictest compliance policies and adhere to regulatory standards across the main jurisdictions. Being amongst the first companies to be granted the MVP is exciting, given the enormous potential of the sector in Dubai," Buzzi said.