Singapore grants Hex Trust, a cryptocurrency custodian, a preliminary MPI license

  • The Major Payment Institution license would allow it to offer custody services for cryptocurrencies and over-the-counter trading.
  • In November 2023, Hex Trust was granted a complete Virtual Asset Service Provider license in Dubai.

In an effort to grow in the city-state of Singapore, institutional crypto custodian Hex Trust has received in-principle permission for a Major Payment Institution (MPI) license.

The Monetary Authority of Singapore has given the company preliminary permission for the MPI license. This clearance would enable the business to provide digital payment token services in Singapore, specifically the custody and over-the-counter trading of DPTs.

Alessio Quaglini, co-founder and CEO of Hex Trust, stated, “We are excited to expand our presence in Singapore—a thriving hub for fintech innovation, renowned for its outstanding regulatory framework.”

The company obtained a full Virtual Asset Service Provider license in Dubai in November 2023, and the most recent compliance upgrade in Singapore came after that. In 2020, Hex Trust opened an office in Singapore to provide institutional and corporate clients with access to new capabilities.

Hex Trust obtained regulatory license in France in August 2023 to provide services such as digital asset custody, buying, selling, and trading. The company secured $88 million in its Series B fundraising round in 2022.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Lalit Mohan

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