Cryptocurrency custodian Hex Technologies Pte. Ltd., a subsidiary of Hex Trust, has received a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS), expanding its regulatory approvals in the country.
According to a March 6 press release, The license allows Hex Trust to provide a fully integrated suite of financial services, including cross-border money transfers, custody solutions, over-the-counter (OTC) trading, settlement, and fiat on and off-ramp capabilities.
Calvin Shen, CEO of Hex Technologies Pte. Ltd., emphasized Singapore’s strategic importance, stating that the new license will strengthen Hex Trust’s ability to serve institutional clients.
“Securing the MPI license is a testament to our team’s dedication to working closely with the MAS to meet its regulatory requirements,”
Shen said.
“With a well-established regulatory framework and commitment to innovation, Singapore continues to drive institutional adoption of digital assets.”
Alessio Quaglini, Co-Founder and CEO of Hex Trust, added,
“Our commitment to compliance, risk management, and institutional-grade digital asset services underpins Hex Trust’s expansion across global financial hubs. Securing the MPI license in Singapore reinforces our position as a global leader and trusted partner, bridging traditional finance with the digital asset economy.”
This latest approval marks a significant regulatory milestone for Hex Trust in Singapore. The firm obtained the Capital Markets Services (CMS) license in 2021, allowing it to offer custodial services under the country’s Securities and Futures Act. Beyond Singapore, Hex Trust has secured licenses and regulatory registrations in major financial hubs, including Hong Kong, Dubai, France, and Italy.
Expanding its licensing portfolio follows a period of strong financial backing for the company. In February, Hex Trust announced a strategic funding round led by Morgan Creek Digital, with contributions from global investors such as Injective. The latest funding round brought Hex Trust’s total capital raised to over $100 million. The firm described this investment as a “pivotal milestone” as it prepares for its anticipated Series C funding round in 2025.
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