Hex Trust has obtained the first full VASP license in Dubai, enabling it to provide trusted virtual asset custodial and staking services to institutional clients in a rapidly growing market.
Information on the Target
Hex Trust has successfully secured a full Virtual Asset Service Provider (VASP) license in Dubai, positioning itself as the first fully operational virtual asset custodian in the region. This accomplishment allows Hex Trust to credibly provide Virtual Asset Custodial Services and Staking Services to institutional clients and sophisticated investors in a rapidly growing market.
Industry Overview in the Target’s Specific Country
The cryptocurrency industry in the United Arab Emirates (UAE), particularly in Dubai, has been witnessing exponential growth and increasing regulation. The UAE government has been proactive in fostering a crypto-friendly environment, establishing clear frameworks for virtual assets through licenses like VASP. This regulatory clarity has attracted numerous businesses and investors seeking to operate within a secure and compliant ecosystem.
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Furthermore, the Dubai Financial Services Authority (DFSA) has taken several initiatives to promote innovation in financial technologies, including blockchain and cryptocurrencies, which bodes well
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Hex Trust
invested in
Dubai
in 2023
in a Other deal