Hex Trust, a leading digital asset custodian, has obtained in-principle approval from Singapore’s financial regulator for a major payment institution (MPI) licence.
This development, announced on July 24, will enable Hex Trust to offer regulated “Digital Payment Token” services in Singapore, including custody and over-the-counter trading.
According to the announcement, the approval comes amidst a rising demand for advanced and compliant digital asset management solutions from institutional clients, especially in a region experiencing swift fintech growth.
Hex Trust, which established its Singapore office and team in 2020, previously secured a licence to provide custody services in September 2021. However, recent amendments to the Payment Services Act have now brought custody under the revised law’s jurisdiction.
Alessio Quaglini, Co-Founder and CEO of Hex Trust Group, highlighted the stringent criteria the company had to meet to obtain the MPI license from the Monetary Authority of Singapore.
“The Monetary Authority of Singapore upholds rigorous regulatory standards that balance fostering innovation with ensuring consumer protection. We are thrilled to strengthen our presence in Singapore – a vibrant hub for fintech innovation, renowned for its outstanding regulatory framework.”
Quaglini stated
Reacting to the approval, Calvin Shen, Managing Director of Hex Trust, stated:
“This licence approval highlights our commitment to compliance and operational excellence, reinforcing our leadership in regulatory collaboration and enhancing our ability to safeguard and optimise institutional digital assets.”
This approval follows a partnership between Hex Trust and Monad Labs to offer custody support for the Monad Blockchain. Announced on July 9, 2024, Hex Trust highlighted that this collaboration marks a significant milestone as it becomes the first custodian to support the Monad Blockchain, addressing the growing need for secure and compliant custody solutions in the digital asset ecosystem.
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