{"id":84891,"date":"2024-07-24T01:45:33","date_gmt":"2024-07-24T05:45:33","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=84891"},"modified":"2024-07-24T01:45:36","modified_gmt":"2024-07-24T05:45:36","slug":"hex-trust-gains-initial-approval-for-payment-license-in-singapore","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/hex-trust-gains-initial-approval-for-payment-license-in-singapore\/","title":{"rendered":"Hex Trust Gains Initial Approval for Payment License in Singapore"},"content":{"rendered":"\n

Hex Trust receives preliminary approval for a payment institution license in Singapore, enabling it to offer regulated digital payment services<\/a>.<\/p>\n\n\n\n

\"Hex
Hex Trust Gains Initial Approval for Payment License in Singapore<\/figcaption><\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n
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\u201c[The approval follows a] growing demand amongst institutional clients for sophisticated and compliant digital asset management solutions in a region experiencing rapid fintech development.\u201d<\/p>\n<\/blockquote>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

This organization is recognized for its “rigorous regulatory standards,” designed to balance consumer protection and innovation.<\/p>\n\n\n\n

In January, BitGo, a digital asset<\/a> custody firm, received in-principle approval for an MPI license. Ripple Labs, a blockchain payments firm, had received the same approval three months prior.<\/p>\n\n\n\n

In June, Hex Trust obtained an additional Virtual Asset Service<\/a> Provider license in Dubai, which enables its markets business to provide broker-dealer and investment services, such as staking.<\/p>\n\n\n\n

To obtain additional information, Cointelegraph contacted Hex Trust; however, an instantaneous response was not received.<\/p>\n\n\n\n

Banks, asset managers, hedge funds, venture capital firms, pension funds, cryptocurrency exchanges, and even central bank digital currency\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> issuers are served by Hex Trust.<\/p>\n\n\n\n

It also supports or has supported cryptocurrency-native firms, including AAVE, Algorand, Chainalysis, Polygon, and Sandbox.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":36,"featured_media":84895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[17229,20799,931],"class_list":["post-84891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-hex-trust","tag-payment-license","tag-singapore"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/66152173f6bf4074240e1876_Banner_CaseStudy_HexTrust.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/84891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=84891"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/84891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/84895"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=84891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=84891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=84891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}