Hex Trust, a Hong Kong-based digital asset custodian, has announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) to obtain a major payment institution (MPI) license.
The license will allow Hex Trust to provide regulated digital payment token (DPT) services in Singapore, including custody and over-the-counter trading of DPT.
Hex Trust has had a dedicated office and team in Singapore since 2020 to meet the growing demand for compliant digital asset management solutions from institutional clients in the region.
On April 2024, 4, the Monetary Authority of Singapore amended the Payment Services Act (PS Act) to include DPT's custodial services within its regulatory scope.
Under the revised regulations, Hex Trust has been granted a temporary exemption from the requirement to hold a licence to provide DPT services under the PS Act.
The approval follows Hex Trust Group’s recent license in Dubai, which allows the company to provide a full range of virtual asset services, including broker-dealer, management and investment services, as well as regulated staking services.
“The in-principle approval of this licence is based on Hex Trust’s long-standing commitment to compliance and operational excellence, and to Singapore.
Not only do we strengthen our leading role in working closely with regulators, we also enhance our ability to protect and optimize digital assets for institutional clients with regulatory clarity.”
said Calvin Shen, Managing Director of Hex Trust.
“MAS adheres to strict regulatory standards, striking a balance between promoting innovation and ensuring consumer protection.
We are excited to strengthen our presence in Singapore, a vibrant hub for fintech innovation and renowned for its excellent regulatory framework.”
said Alessio Quaglini, co-founder and CEO of Hex Trust Group.