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Asian crypto custodian Hex Trust scores provisional approval in Dubai


www.theblock.co 21 June 2022 03:29, UTC
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created VARA in March and tasked the agency with overseeing the activities of crypto and digital asset firms. Companies looking to obtain VARA licenses must establish an operating presence in the city.

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.

Filippo Buzzi, the head of the company’s Dubai office, stated in the announcement that the move to secure a VARA license was part of the planned Middle East expansion for the crypto custodian.

Hex Trust raised $88 million in a Series B funding round in March. Animoca Brands and Liberty City Ventures led the capital raise with participation from BlockFi, CoinList, Morgan Creek, and several other backers.

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