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Hex Trust Secures Initial Approval for Payment Institution License in Singapore
Hex Trust, a leading digital asset custodian, has received in-principle approval from Singapore’s financial regulator for a Major Payment Institution (MPI) license. This significant development, announced on July 24, will enable Hex Trust to offer fully regulated services for “Digital Payment Tokens,” encompassing both custody and over-the-counter trading within Singapore.
Established in Singapore in 2020 with a dedicated office and team, Hex Trust initially obtained a license to provide custody services in September 2021. However, subsequent amendments to the Payment Services Act have expanded the scope of regulation to include these custody services.
Alessio Quaglini, CEO of Hex Trust, highlighted the rigorous process involved in obtaining the MPI license from the Monetary Authority of Singapore (MAS), known for its strict regulatory standards. These standards are designed to foster innovation while ensuring robust consumer protection.
The MPI license puts Hex Trust in a select group of digital asset firms that have met the MAS’s high standards, joining others like BitGo and Ripple Labs, which received in-principle approvals for the same license earlier this year.
In addition to its expanding presence in Singapore, Hex Trust was also granted a Virtual Asset Service Provider license in Dubai this June. This license allows its markets business to offer a broader range of services, including broker-dealer functions and investment services like staking.
Hex Trust’s client base is diverse, serving financial institutions such as banks, asset managers, hedge funds, venture capital firms, and pension funds. It also caters to cryptocurrency exchanges and central bank digital currency issuers. The firm has been instrumental in supporting major cryptocurrency-native companies like AAVE, Algorand, Chainalysis, Polygon, and Sandbox.
Following a successful Series B funding round that raised $88 million on March 16, 2022, Hex Trust has secured multiple licenses across various jurisdictions, including Hong Kong, where it is headquartered, France, and Italy, reflecting its commitment to compliance and safe digital asset management.
