Hex Trust Secures Major Payment Institution License in Singapore

YEREVAN (CoinChapter.com) — Digital asset custodian Hex Trust has announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) license. This license enables Hex Trust to offer regulated “Digital Payment Token” services, including custody and over-the-counter trading.

Hex Trust’s CEO Alessio Quaglini shared that the company had to meet stringent criteria to secure the MPI license. The Monetary Authority of Singapore is known for its rigorous regulatory standards, which aim to balance innovation and consumer protection.

The approval comes at a time when there is growing demand among institutional clients for sophisticated and compliant digital asset management solutions in a rapidly developing fintech region.

Hex Trust Navigates New Regulations with Singapore MPI License

Hex Trust has been active in Singapore since 2020. The company secured a license to provide custody services in September 2021. However, recent amendments to the Payment Services Act have brought custody services under the new licensing scope, requiring firms to obtain MPI licenses to continue their operations.

Alessio Quaglini emphasized the importance of this approval, noting,

“[The approval follows a] growing demand amongst institutional clients for sophisticated and compliant digital asset management solutions in a region experiencing rapid fintech development.”

Hex Trust’s recent regulatory approval follows similar moves by other firms. Digital asset custody firm BitGo received in-principle approval for an MPI license in January. Additionally, blockchain payments firm Ripple Labs received the same approval three months earlier.

Expanding Global Reach with New Dubai VASP License

Hex Trust’s regulatory achievements are not limited to Singapore. In June, Hex Trust secured an additional Virtual Asset Service Provider license in Dubai, allowing its markets business to offer broker-dealer and investment services, including staking.

The company’s operations extend beyond Asia. Hex Trust raised $88 million in its Series B funding round on March 16, 2022. It has also obtained licenses in Hong Kong, France, and Italy, further establishing its global presence.

Hex Trust serves a diverse range of clients, including banks, asset managers, hedge funds, venture capital firms, pension funds, cryptocurrency exchanges, and central bank digital currency issuers. The firm also supports cryptocurrency-native companies such as AAVE, Algorand, Chainalysis, Polygon, and Sandbox.

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