Hex Trust Secures Initial Approval for Payment Institution License in Singapore

Hex Trust, a Hong Kong-based digital asset custodian, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license will enable Hex Trust to offer regulated Digital Payment Token (DPT) services in Singapore, including custody and over-the-counter (OTC) trading of DPTs. The MPI license, considered a gold standard for crypto licenses in Asia, is part of Singapore's Payment Services Act of 2019, which will be updated in April 2024 to include custodial services for DPTs.

This development follows Hex Trust's successful acquisition of a Virtual Asset Service Provider license in Dubai in November 2023 and regulatory approval in France in August 2023. Hex Trust CEO Alessio Quaglini highlighted the rigorous criteria set by MAS and emphasized the importance of regulatory compliance in the crypto industry. The company, which raised $88 million in its Series B funding round in 2022, aims to meet the growing demand for compliant digital asset management solutions in Singapore. Hex Trust's expansion in the region underscores its commitment to providing secure and regulated digital asset services to institutional clients.