A prominent institutional crypto custodian, Hex Trust, has secured in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This milestone allows Hex Trust to expand its operations in Singapore, a key fintech hub.
The MPI license will enable Hex Trust to provide “digital payment token services” in Singapore, including the custody and over-the-counter (OTC) trading of digital payment tokens (DPTs). This approval marks a significant step for the company as it aims to bolster its presence in one of the world’s leading financial centers.
Alessio Quaglini, co-founder and CEO of Hex Trust, expressed enthusiasm about the development. Quaglini stated, “We are thrilled to strengthen our presence in Singapore – a vibrant hub for fintech innovation, renowned for its outstanding regulatory framework.”
This regulatory advancement follows Hex Trust’s recent achievements. In November 2023, the company received a full Virtual Asset Service Provider (VASP) license in Dubai. Hex Trust established its Singapore office in 2020 to cater to institutional and corporate clients in the region.
In addition to these regulatory milestones, Hex Trust raised $88 million in its Series B funding round in 2022. The firm also gained approval in France in August 2023, allowing it to offer a range of services including digital asset custody, buying, selling, and trading.
With this latest approval, Hex Trust is poised to enhance its offerings and services in Singapore, further solidifying its position as a leading player in the global crypto custodial market.
