Hong Kong-based digital asset management company Hex Trust announced that it has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This license allows Hex Trust It provides regulated Digital Payment Token (DPT) services in Singapore, including custody and OTC trading of DPTs.
With a dedicated office and team in Singapore since 2020, Hex Trust aims to meet the growing demand for compliant digital asset management solutions among institutional investors in the region.
April 2, 2024, MAS Modified The Payment Services Act (PS Act) will be amended to include DPT’s custody services as subject to regulation.
Hex Trust is Granted As per the amendment, there will be a temporary exemption from holding a license under the PS Act to provide DPT services.
The approval follows Hex Trust Group’s recent Dubai LicenseThis will enable us to offer a comprehensive range of crypto asset services, including broker-dealer, custody and investment services, and regulated staking services.
“The in-principle approval of this licence builds on Hex Trust’s many years of compliance and operational excellence, and its commitment to Singapore.
“We are not only strengthening our leading role in working closely with regulators, but also strengthening our ability to protect and optimize institutional investors’ digital assets while preserving regulatory clarity.”
Calvin Shen, Managing Director of Hex Trust, said:
“The Monetary Authority of Singapore maintains rigorous regulatory standards that balance fostering innovation with ensuring consumer protection.
We are pleased to strengthen our presence in Singapore, a vibrant hub of fintech innovation known for its excellent regulatory framework.”
Alessio Quaglini, co-founder and CEO of Hex Trust Group, said:
Featured Image Credit: Free Pick
