Hex Trust Secures In-Principle Approval for MPI License in Singapore
Hex Trust, a digital asset custodian, has announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This development marks a significant milestone for the Hong Kong-based company as it expands its presence in one of Asia’s key fintech hubs.
The MPI license, once granted, will allow Hex Trust to offer regulated Digital Payment Token (DPT) services in Singapore, including custody and over-the-counter (OTC) trading of DPTs. This move comes in response to growing demand among institutional clients for sophisticated and compliant digital asset management solutions in the rapidly evolving fintech landscape of the region.
Alessio Quaglini, Co-Founder and CEO of Hex Trust Group, commented on the approval: “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.”
The company has maintained a dedicated office and team in Singapore since 2020, positioning itself to unlock new capabilities for Singapore-based institutional and corporate clients. This strategic move aligns with Hex Trust Group’s broader vision to lead and innovate within the global digital asset ecosystem.
Calvin Shen, Managing Director of Hex Trust, emphasized the company’s commitment to compliance and operational excellence, stating that the in-principle approval reinforces their leading role in working closely with regulatory bodies while enhancing their capability to safeguard and optimize clients’ digital assets with regulatory clarity.
This development follows recent amendments to Singapore’s Payment Services Act on April 2, 2024, which brought activities such as the provision of custodial services for DPTs within the scope of regulation. Hex Trust has been granted a temporary exemption from holding a license under the PS Act for providing DPT services during a specified transition period.
The in-principle approval in Singapore adds to Hex Trust’s growing list of regulatory achievements. The company recently secured an additional license in Dubai, permitting its markets arm to offer comprehensive Virtual Asset services, including Broker-Dealer and Management and Investment Services, along with regulated Staking Services. Hex Trust has also obtained licenses in Hong Kong, France, and Italy, further solidifying its position as a compliant and regulated player in the digital asset space.
As the crypto industry continues to mature, obtaining proper licensing and regulatory approval has become increasingly crucial for companies operating in the sector. Hex Trust’s latest regulatory milestone underscores the company’s commitment to operating within regulatory frameworks and positions it well to serve the growing institutional demand for digital asset services in Singapore and beyond.
