Hex Belief, an institutional digital asset custodian, has acquired an extra digital asset service supplier (VASP) licence from theDigital Asset Regulatory Authority (VARA) in Dubai.
VARA is the entity in command of regulating, supervising and overseeing digital belongings in all zones throughout the Emirate of Dubai. This new licence extends to its digital belongings broker-dealer and administration and funding arm, HT Markets MENA FZE, enhancing its potential to supply digital asset companies.
This improvement follows Hex Belief’s preliminary VASP licence granted in November 2023, enabling it to offer custodial companies to institutional shoppers and complicated buyers. The brand new licence additionally allows Hex Belief to supply regulated staking companies, in addition to broker-dealer and funding administration companies.
Hex Belief Markets will now present entry to the DeFi ecosystem, enabling shoppers to generate yield with native on-chain staking options and execute trades with assist from a world buying and selling crew providing 24/7 protection. Key companies additionally embrace OTC buying and selling options, deep liquidity entry, threat administration options, and fiat on-ramp/off-ramp companies.
Growth plans
Filippo Buzzi, Hex Belief’s MENA managing director, highlighted the importance of this approval in demonstrating its dedication to fostering crypto ecosystem innovation and enabling secure market entry within the Center East.
“We’re absolutely dedicated to increasing into the area and see monumental potential for digital asset development given the progressive rules, welcoming governments, and thriving crypto ecosystem.”
Co-founder and CEO Alessio Quaglini additionally added: “Hex Belief’s dedication to compliance and regulation has all the time been a precedence, and this has earned us a good standing as a dependable accomplice for each crypto-native and conventional finance establishments.
“There’s a lot potential within the Emirate of Dubai and the issuance of the VASP licence for Hex Belief Markets demonstrates the evolution of our digital asset service provision to fulfill the calls for of our shoppers and the market.”
Since opening in June 2022, Hex Belief’s Dubai workplace has positioned itself to contribute to the MENA area’s standing as a world digital asset hub.
