Hex Trust Secures Initial Approval for Payment Institution License in Singapore

CoinGrab Asia William Lee CoinGrab Asia William
July 24, 2024
57 Views

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.

Code: 6xt35

CoinEx

4.5/5
  • Coins: 1120+
  • Markets: 1631+
  • 24H Value(USD): 927.81M
  • 30-Day Value(USD): 23.43B
Join Trading Volume Ranking to Share $2,000 ANDYBLAST
Join Now
Compatible With Multiple Devices . Trade Crypto, Anytime, Anywhere
author avatar
CoinGrab Asia William Editor
William, originally carving out a career in Singapore's structured finance sector, made a pivotal shift to follow his passion for the dynamic and often turbulent world of cryptocurrency and financial markets. Now a distinguished cryptocurrency journalist and market analyst, William has authored over 800 insightful articles, making a significant mark in the crypto journalism field.Driven by a keen interest in the underlying mechanisms of the crypto world, William specializes in on-chain analysis, which involves examining transactions recorded on blockchains to gauge market trends and sentiments. His expertise also extends to dissecting events that trigger substantial market movements, providing his readers and followers with a deeper understanding of what drives fluctuations in cryptocurrency values.William’s contributions to the crypto community go beyond mere reporting. He regularly publishes opinion pieces that offer thoughtful perspectives on the latest developments and trends shaping the cryptocurrency landscape. His work not only informs but also enriches the dialogue within the crypto space, offering both novices and seasoned investors valuable insights into the complexities of market dynamics.
CoinGrab Asia William Lee
Author CoinGrab Asia William

William, originally carving out a career in Singapore's structured finance sector, made a pivotal shift to follow his passion for the dynamic and often turbulent world of cryptocurrency and financial markets. Now a distinguished cryptocurrency journalist and market analyst, William has authored over 800 insightful articles, making a significant mark in the crypto journalism field.Driven by a keen interest in the underlying mechanisms of the crypto world, William specializes in on-chain analysis, which involves examining transactions recorded on blockchains to gauge market trends and sentiments. His expertise also extends to dissecting events that trigger substantial market movements, providing his readers and followers with a deeper understanding of what drives fluctuations in cryptocurrency values.William’s contributions to the crypto community go beyond mere reporting. He regularly publishes opinion pieces that offer thoughtful perspectives on the latest developments and trends shaping the cryptocurrency landscape. His work not only informs but also enriches the dialogue within the crypto space, offering both novices and seasoned investors valuable insights into the complexities of market dynamics.