Hex Trust, a Hong Kong-based digital asset custodian, announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
This license will allow Hex Trust to offer regulated Digital Payment Token (DPT) services in Singapore, including custody and OTC trading of DPTs.
Hex Trust, which has had a dedicated office and team in Singapore since 2020, aims to meet the growing demand for compliant digital asset management solutions among institutional clients in the region.
On 2 April 2024, the MAS amended the Payment Services Act (PS Act) to include custodial services for DPTs under its regulatory scope.
Hex Trust has been granted a temporary exemption from holding a license under the PS Act for providing DPT services, following the amendments.
This approval follows Hex Trust Group’s recent licenses in Dubai, allowing it to offer comprehensive Virtual Asset services, including Broker-Dealer and Management and Investment Services, along with regulated Staking Services.
“The in-principle approval of this license is underpinned by Hex Trust’s long-standing commitment to compliance and operational excellence, and to Singapore.
We are not only reinforcing our leading role in working closely with regulatory bodies, but also enhancing our capability to safeguard and optimise the digital assets of our institutional clients with regulatory clarity.”
said Calvin Shen, Managing Director, Hex Trust.
“The Monetary Authority of Singapore upholds rigorous regulatory standards that balance fostering innovation with ensuring consumer protection.
We are thrilled to strengthen our presence in Singapore – a vibrant hub for fintech innovation, renowned for its outstanding regulatory framework.”
said Alessio Quaglini, Co-Founder and CEO of Hex Trust Group.
Featured image credit: Edited from Freepik