Hong Kong-founded institutional cryptocurrency asset custodian Hex Trust has been given the green light to offer virtual asset custodial services to institutional clients and investors in Dubai.
The firm, which established an office in the city in June 2022, received a full virtual asset service provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) on Nov. 15. The company had originally received a minimal viable product (MVP) operations license in Feb. 2023 and is now clear to offer its services in the jurisdiction.
Hex Trust’s Regional Director of MENA Filippo Buzzi notes that the approval sees the company join a growing but limited list of cryptocurrency exchanges and cryptocurrency service providers to be given the all-clear to operate in Dubai:
“Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”
Hex Trust co-founder and CEO Alessio Quaglini adds that the Emirate of Dubai presents a prime opportunity for businesses in the sector to grow and capitalize on the progressive regulatory approach of the region.
France also granted the company regulatory approval to offer its services to companies in the country in Aug. 2023. Hex Trust has offices in Hong Kong, Singapore, Vietnam, Dubai, Italy and France.
MetaMask Institutional recently announced that Hex Trust was among four major cryptocurrency custodians integrated into its wallet and browser extension to provide custodial services to institutional clients.
Hex Trust’s announcement of its VASP license comes one day after crypto exchange Crypto.com’s Dubai entity was granted its VASP license by the city’s regulator, which is still pending operational approval.
Other prominent crypto exchanges that previously gained MVP or VASP licenses include Binance, Bybit, Laser Digital Middle East, BitOasis (suspended), OKX, Crypto.com, FTX (revoked) and Huobi.
Komainu, a joint venture between Nomura and crypto firms CoinShares and Ledger, is one the latest crypto firms to receive a full VASP license as recently as Aug. 2023. The company offers custodial and staking services to institutional grade clients.
The United Arab Emirates continues to attract cryptocurrency ecosystem participants, given its role out of federal grants and crypto-friendly regulations. Attaining a VARA license in Dubai is a three-step process requiring crypto exchanges to qualify for provisional approval, a minimal viable product (MVP) license and a full market product license.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.