Hex Trust crypto platform launches fiat on and off ramping services in UAE

Hex Trust crypto platform launches fiat on and off ramping services in UAE

Hex Trust, a regulated provider of virtual assets custody, staking and market services has officially opened HT Markets MENA offering fiat on/off-ramp services in Dubai UAE through its secure, institutional-grade platform.

These services are immediately available for institutional clients and accredited investors with a minimum on-ramp threshold of AED 368,000 (equivalent to USD $100K).


Hex Trust established a Dubai office in June 2022. It currently holds three Virtual Asset Service Provider (VASP) licenses in Dubai, issued by the Virtual Asset Regulatory Authority (VARA). This includes a license to provide Virtual Asset Custodial Services, a second license for its VA Broker-Dealer and and a third for VA Management and Investment arm, HT Markets MENA FZE.

As per the announcement, these licenses allow Hex Trust to offer comprehensive Virtual Asset services covering Broker-Dealer and Management and Investment Services, which include regulated Staking Services.


“We are one of the first VA broker-dealers in the MENA region to offer an efficient and secure bridge between fiat and virtual assets. This unique offering caters to the huge appetite for on/off-ramp services in Dubai and is a significant achievement for HT Markets MENA.
We see enormous potential for virtual asset growth in Dubai given the progressive regulations, welcoming governments, and thriving crypto ecosystem. ” Filippo Buzzi, Hex Trust’s Regional Director MENA.


Hex Trust Markets offers safe access to the DeFi ecosystem, where clients can generate yield with native on-chain staking solutions and execute trades with the support of Hex Trust’s dedicated Markets team. It also brings secure access to crypto-fiat conversions through Hex Trust’s fully-licensed, institutional-grade custody platform. This enables investors in Dubai to seamlessly move their cryptocurrencies into fiat currencies, fostering a secure and compliant trading environment.

Hex Trust receives full crypto brokerage and staking license from Dubai’s regulator

Hex Trust receives full crypto brokerage and staking license from Dubai’s regulator

Hex Trust Group, a provider of digital asset solutions for institutional finance, protocols, foundations, and the Web3 ecosystem, has secured its fully operational Virtual Asset Service Provider (VASP) license, for crypto brokerage, management, investment and crypto staking from the Virtual Asset Regulatory Authority (VARA) in Dubai. This second license extends to its VA Broker-Dealer and VA Management and Investment arm, HT Markets MENA FZE. VARA had announced on its website previously that Hext Trust had received this license but it was pending full fulfillment of all requirements.

Hex Trust received its first VASP license back in November 2023, allowing it to provide virtual asset (crypto) custodial services to institutional clients and sophisticated investors.

With this second license Hex Trust will be able to offer comprehensive Virtual Asset services covering Broker-Dealer and Management and Investment Services, which includes regulated Staking Services.

When asked by Lara on the Block, why Hex Trust has chosen the UAE and Dubai to be licensed, Filippo Buzzi, Regional Director for MENA noted, “Hex Trust operates within jurisdictions known for their robust investor protections and progressive regulatory environments, spanning across Hong Kong, Singapore, Dubai, Italy, and France. In the UAE and Dubai, Virtual Assets Service Providers (VASPs) benefit from an environment characterized by supportive regulations, strategic positioning, tax advantages, an investor-friendly atmosphere, and advanced technology. As the crypto industry continues to develop, the UAE’s proactive stance towards growth positions it as an attractive destination for crypto businesses, offering significant opportunities in this rapidly evolving sector.”

As per the press release, Hex Trust Markets offers safe access to the DeFi ecosystem, where clients can generate yield with native on-chain staking solutions and execute trades with the support of Hex Trust’s dedicated Markets team. Key offerings include:

  • A global trading team with dedicated client support providing 24/7 trading coverage.
  • OTC trading solutions across the full spectrum of Virtual Assets, including tailored sales / purchase programs to optimize across Price, Time Horizon and Market Impact, employing proprietary execution algorithms to support bespoke execution strategies.
  • Deep liquidity and broad access within the Virtual Asset Markets.
  • Risk Management solutions catering to corporate treasury risk management requirements.
  • Fiat Solutions facilitating on-ramp / off-ramp services.

Filippo Buzzi adds, “The approval of this additional VASP license demonstrates Hex Trust’s commitment to fostering crypto ecosystem innovation and enabling safe market access in the Middle East. We are fully committed to expanding into the region and see enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem.”

Speaking to Lara on the Block on the growth of crypto assets market in MENA, Buzzi stated, “UAE, GCC, and the broader MENA region represents a promising market for Hex Trust, largely due to a growing ecosystem supported by a clear regulatory framework and a forward-thinking approach to digital finance. Dubai, in particular, has established itself as a global blockchain hub, supporting the growth of the crypto assets industry. VARA, the first independent regulator for virtual assets, played a key role to position Dubai as a regional and international hub for Virtual Assets.”

“Hex Trust’s commitment to compliance and regulation has always been a priority, and this has earned us a reputable standing as a reliable partner for both crypto-native and traditional finance institutions. There is so much potential in the Emirate of Dubai and the issuance of the VASP license for Hex Trust Markets demonstrates the evolution of our digital asset service provision to meet the demands of our clients and the market.” – Alessio Quaglini, Co-Founder and CEO of Hex Trust.

So far VARA has licensed 12 crypto broker VASPs, and only one VASP which offers custody services and that is Hex Trust. Noteworthy that only Komainu offers custodial staking services.