Hex Trust receives preliminary approval for a payment institution license in Singapore, enabling it to offer regulated digital payment services.
Hex Trust, a digital asset custodian, has announced that it has received in-principle approval from the Singapore financial regulator for a major payment institution (MPI) license.
Hex Trust stated in its July 24 statement that the MPI license will enable the company to provide regulated “Digital Payment Token” services in the city-state, which include over-the-counter trading and custody.
“[The approval follows a] growing demand amongst institutional clients for sophisticated and compliant digital asset management solutions in a region experiencing rapid fintech development.”
In September 2021, Hex Trust, which established an office and staff in Singapore in 2020, obtained a license to offer custody services. However, custody was included in the scope of the Payment Services Act’s recent amendments.
Alessio Quaglini, CEO of Hex Trust, acknowledged that the organization was required to satisfy stringent requirements to obtain the MPI license from the Monetary Authority of Singapore.
This organization is recognized for its “rigorous regulatory standards,” designed to balance consumer protection and innovation.
In January, BitGo, a digital asset custody firm, received in-principle approval for an MPI license. Ripple Labs, a blockchain payments firm, had received the same approval three months prior.
In June, Hex Trust obtained an additional Virtual Asset Service Provider license in Dubai, which enables its markets business to provide broker-dealer and investment services, such as staking.
To obtain additional information, Cointelegraph contacted Hex Trust; however, an instantaneous response was not received.
Banks, asset managers, hedge funds, venture capital firms, pension funds, cryptocurrency exchanges, and even central bank digital currency issuers are served by Hex Trust.
It also supports or has supported cryptocurrency-native firms, including AAVE, Algorand, Chainalysis, Polygon, and Sandbox.
Hex Trust has acquired licenses in France, Italy, and Hong Kong, where it is headquartered, in addition to raising $88 million in its Series B funding round on March 16, 2022.
