Hex Trust, a digital asset custodian, has secured in-principle approval from Singapore’s financial regulator for a major payment institution （MPI） license. This approval highlights the increasing demand for compliant digital asset management solutions in the rapidly developing fintech region.
Points
- Hex Trust received in-principle approval for an MPI license in Singapore.
- The firm supports prominent cryptocurrency firms like AAVE, Algorand, Chainalysis, Polygon, and Sandbox.
- Raised $88 million in Series B funding in March 2022.
- Holds licenses in Hong Kong, France, and Italy.
Digital asset custodian Hex Trust has announced it has obtained in-principle approval from the Singapore financial regulator for a major payment institution （MPI） license. This significant milestone underlines the growing demand among institutional clients for sophisticated and compliant digital asset management solutions, especially in regions experiencing rapid fintech development.
“The approval follows a growing demand amongst institutional clients for sophisticated and compliant digital asset management solutions in a region experiencing rapid fintech development.”
Hex Trust is known for its robust support for cryptocurrency-native firms, including AAVE, Algorand, Chainalysis, Polygon, and Sandbox. The firm’s credibility is further strengthened by its successful Series B funding round, which raised $88 million on March 16, 2022. Additionally, Hex Trust has secured licenses in Hong Kong, where it is headquartered, as well as in France and Italy.
This approval from the Singapore financial regulator is a testament to Hex Trust’s commitment to regulatory compliance and its ability to meet the stringent requirements set by financial authorities. As the digital asset industry continues to evolve, obtaining such licenses is crucial for firms looking to expand their services and build trust with institutional clients.
Cointelegraph reached out to Hex Trust for further information but didn’t receive an immediate response. However, the announcement has already generated positive reactions within the digital asset community, as it signifies a step forward in the mainstream adoption and regulation of digital assets.
https://x.com/Hex_Trust/status/1815917037241450700
解説
- Regulatory Approval: Obtaining in-principle approval from Singapore’s financial regulator for an MPI license is a significant achievement, indicating Hex Trust’s readiness to comply with strict regulatory standards.
- Market Expansion: With licenses in multiple countries, Hex Trust is well-positioned to expand its market presence and offer secure digital asset management solutions to a global clientele.
- Institutional Demand: The approval reflects the growing institutional demand for reliable and compliant digital asset custodians, essential for the industry’s growth.
- Funding Success: The $88 million raised in Series B funding highlights investor confidence in Hex Trust’s business model and future prospects.
- Strategic Positioning: Being based in Hong Kong and obtaining licenses in key financial hubs like Singapore, France, and Italy, positions Hex Trust strategically to leverage opportunities in the rapidly evolving fintech landscape.