Hex Trust’s European growth ambitions have cleared regulatory hurdles in Hong Kong. The French financial watchdogs AMF and ACPR have registered the firm as a Digital Asset Service Provider (DASP), it said in a statement.
Hex Trust may now sell, trade, and exchange crypto assets for fiat and other digital currencies in France thanks to this legislative authorization. Hex Trust’s DASP registration is a crucial step towards European expansion. Alessio Quaglini, CEO, said the licence opens the door to European growth.
Quaglini also stressed the need of securing regulatory clearance from a major EU authority to prepare the firm for the 2024 European MiCA legislation.
Hex Trust’s second European registration follows its May 2022 Italian registration. The firm opened its first European office in Milan and registered as a VASP with the Organismo Agenti e Mediatori (OAM) in June 2022.
Several European nations are enacting harsher crypto legislation, prompting the move to France. France has attracted crypto startups owing to its openness to the sector, tax incentives on crypto revenues, and expedited registration procedure.
Hex Trust’s French DASP certification confirms its reputation as a trustworthy digital asset custodian ready to handle Europe’s changing regulatory environment. As the firm grows in the area, it may dominate the European crypto industry.
