Hex Trust has obtained in-principle approval for a Major Payment Institution （MPI） license in Singapore, enabling it to offer regulated digital payment token services, including custody and OTC trading.
Points
- Hex Trust receives in-principle MPI license approval
- Allows offering regulated digital payment token services in Singapore
- Expansion follows obtaining a full Virtual Asset Service Provider license in Dubai
- Significant demand for compliant digital asset management solutions
- Strengthening presence in Singapore, a fintech hub
Hex Trust, an institutional crypto custodian, has received in-principle approval for a Major Payment Institution （MPI） license from the Monetary Authority of Singapore. This approval enables Hex Trust to offer regulated digital payment token services, including custody and over-the-counter （OTC） trading in Singapore.
Hex Trust’s CEO, Alessio Quaglini, expressed excitement about the approval, highlighting Singapore’s vibrant fintech innovation environment and rigorous regulatory framework. The company set up its Singapore office in 2020 and has been expanding its presence in key regions.
The MPI license is a significant milestone, reflecting the growing demand for compliant digital asset management solutions among institutional clients. This approval follows Hex Trust’s acquisition of a full Virtual Asset Service Provider license in Dubai, which allows it to offer broker-dealer and investment services, including staking.
In addition to its regulatory achievements, Hex Trust secured $88 million in Series B funding in 2022 and received approval in France to offer services like digital asset custody, purchasing, selling, and trading in August 2023.
Hex Trust’s expansion into regulated markets like Singapore and Dubai demonstrates its commitment to providing secure and compliant digital asset services. As the demand for sophisticated digital asset management solutions continues to rise, Hex Trust is well-positioned to capitalize on these opportunities.
解説
- Regulatory approval: Obtaining the MPI license is a significant achievement, enabling Hex Trust to offer regulated digital payment token services in Singapore.
- Expansion strategy: Hex Trust’s expansion into key fintech hubs like Singapore and Dubai reflects its strategic growth and commitment to compliance.
- Institutional demand: The growing demand for compliant digital asset management solutions underscores the importance of regulated service providers like Hex Trust.
- Funding and growth: Successful funding rounds and regulatory approvals in multiple regions highlight Hex Trust’s strong market position and growth potential.