Hex Trust, a prominent institutional crypto custodian, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This significant milestone allows Hex Trust to expand its operations in Singapore, a key fintech hub, enhancing its global presence.
Expanding Services in Singapore
The MPI license enables Hex Trust to provide “digital payment token services” in Singapore. This includes the custody and over-the-counter (OTC) trading of digital payment tokens (DPTs). Alessio Quaglini, co-founder and CEO of Hex Trust, expressed enthusiasm about the development, stating, “We are thrilled to strengthen our presence in Singapore – a vibrant hub for fintech innovation, renowned for its outstanding regulatory framework.”
Recent Achievements and Growth
This regulatory advancement follows several recent accomplishments for Hex Trust. In November 2023, the company received a full Virtual Asset Service Provider (VASP) license in Dubai, marking a significant expansion in the Middle East. Hex Trust established its Singapore office in 2020 to cater to institutional and corporate clients in the region, reinforcing its commitment to providing robust digital asset services.
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In addition to these regulatory milestones, Hex Trust raised $88 million in its Series B funding round in 2022, underscoring investor confidence in its growth strategy. The firm also gained approval in France in August 2023, allowing it to offer a comprehensive range of services, including digital asset custody, buying, selling, and trading.
Strengthening Global Presence
With the MPI license approval in Singapore, Hex Trust is poised to enhance its offerings and services, solidifying its position as a leading player in the global crypto custodial market. This move will not only boost its operations in one of the world’s leading financial centers but also support its broader strategy of expanding into key international markets.
Hex Trust’s MPI license approval from MAS marks a significant step in its expansion efforts, allowing the company to offer enhanced digital payment token services, custody, and OTC trading in Singapore. As Hex Trust continues to secure regulatory approvals and expand its footprint, it is well-positioned to lead in the global crypto custodial market.
