Hex Trust, a Hong Kong-based digital asset custodian, announced that it has received approval from the Monetary Authority of Singapore (MAS) for a Primary Payment Institution (MPI) license.
This license will allow Hex confidence Providing regulated Singapore Digital Payment Token (DPT) services, including DPT custody and OTC trading.
Hex Trust, which has had an office and dedicated team in Singapore since 2020, aims to meet the growing demand for digital asset management solutions among institutional clients in the region.
On April 2, 2024, MAS changed Payment Services Act (PS Act) to include custody services for DPTs in its regulatory framework.
It has been Hex Trust given Temporary exemption from holding a license under the PS Act to provide DPT services, following the amendments.
This approval follows the latest from the Hex Trust Group licenses in DubaiAllowing you to offer comprehensive Virtual Asset services, including Broker-Dealer and Management and Investment Services, along with regulated Staking Services.
“The in-principle approval of this license is based on Hex Trust's compliance and longstanding commitment to operational excellence and Singapore.
Not only are we strengthening our key role in working closely with regulatory bodies, we are also increasing our ability to protect and optimize our institutional clients' digital assets with regulatory clarity.
said Calvin Shen, Managing Director of Hex Trust.
“The Monetary Authority of Singapore maintains strict regulatory standards that balance encouraging innovation and ensuring consumer protection.
We are delighted to strengthen our presence in Singapore, a vibrant hub for fintech innovation, known for its excellent regulatory environment.”
said Alessio Quaglini, co-founder and CEO of Hex Trust Group.
Featured Image Credit: Edited from here Freepik
