Digital asset custodian Hex Trust received the Minimum Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) on Nov. 24, according to a press release by the company.

See related article: Hong Kong crypto firm Q9 Capital gets Dubai provisional approval

Fast facts

  • The MVP license will allow Hex Trust to provide virtual assets custodial services, broker-dealer and staking services to institutional clients in Dubai.
  • Hex Trust received provisional approval from Dubai authorities in June. Its Dubai office will be the company’s regional headquarters for the Middle East and North Africa region.
  • VARA is the world’s first independent regulator and the sole authority for regulating virtual assets in Dubai. 
  • Binance and Komainu are among the most recent recipients of the MVP license from Dubai authorities. 
  • See related article: Dubai could be crypto’s promised land, Citi says