Dubai grants two new virtual asset licenses | Gulf newspaper

Dubai: Anwar Dawood

The Dubai Virtual Asset Regulatory Authority (DVARA) granted a Minimum Viable Product (MVP) license to Hex Trust and Comino during November. Hex Trust, a fully licensed, insured provider of digital asset custody and related services, announced that it has obtained a Minimum Viable Product (MVP) license from the Dubai Virtual Asset Regulatory Authority, following a provisional license in June 2022.

Under the license, Hex Trust will be able to provide an approved range of services related to virtual assets to institutional investors and professional investors in Dubai within the framework of its work for Virtual Asset Service Providers (VASPs). The company can now provide virtual asset custody services, brokerage services, and digital currency custody and storage services.

Hex Trust’s attainment of the minimum applicable product license confirms its strict adherence to compliance rules and regulatory policies, and its dedication to contributing to strengthening the regulatory regime for virtual assets in Dubai. The company opened its office in Dubai in June 2022 to be the main headquarters for the Middle East and North Africa region.


For its part, Comino announced; A regulated digital asset custody service provider, announced that it has obtained a Minimum Viable Product (MVP) license from the Dubai Virtual Asset Regulatory Authority, following its provisional approval in July 2022. Under this license, Comino will be able to provide an approved set of services. related to virtual assets for investors and investment institutions in Dubai within a standard legislative framework at the global level for Virtual Asset Service Providers (VASPs), after completing their readiness requirements.

Comino’s transition to a minimum viable product license after obtaining provisional approval earlier this year means that it can now provide customers in the UAE with virtual asset custody and virtual asset management services.

Komainu MEA FZE is the first “dedicated” institutional digital asset custodian to receive minimum applicable product license approval from the Dubai Virtual Asset Regulatory Authority, which in turn is the first regulator specialized in the virtual assets sector in the world. .

Comino acts as a safe guard for organizations operating in the virtual assets sector, by providing safe and orderly custody services for virtual assets, blockchain, and more. Year after year, Comino has established itself as one of the leading providers of virtual asset custody services to its clients, providing the same guarantees and protection that investors enjoy in traditional financing. A number of experts in the field of security, financial services and cryptocurrency have designed leading virtual asset custody services, which have been independently reviewed by external auditors.


It is noteworthy that Binance, which works in the field of virtual asset trading services via blockchain technology, and which operates the “Binance” platform for digital currency and virtual asset trading services, announced in September that it had obtained approval from the Dubai Authority to regulate virtual assets to launch the “limit”. The lowest products”, after previously obtaining a limited license last March.

Under this approval, the Binance platform will be able to provide an approved set of services related to virtual asset trading for individual investors and qualified institutions in Dubai within the legislative framework that regulates the activities of virtual asset service providers in Dubai.

regulatory framework

The Dubai Virtual Assets Regulatory Authority (DVARA) occupies a distinguished position as a trusted regulator in the emerging world of virtual assets, as the world’s first independent authority dealing with virtual assets regulation. The Authority aims to expand its scope of work worldwide, by establishing an easily reproducible regulatory framework to regulate this sector.

The authority draws on the expertise of institutions and experts from around the world.


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