Hex Technologies Pte Ltd (“Hex Trust”, and together with its affiliates, the “Hex Trust Group”), a leading provider of digital asset solutions for institutional finance, protocols, foundations, and the Web3 ecosystem, announced that it has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) License.
The MPI license would allow Hex Trust to offer regulated Digital Payment Token (DPT) services in Singapore, namely the custody and OTC trading of DPTs. The expansion caters to a growing demand amongst institutional clients for sophisticated and compliant digital asset management solutions in a region experiencing rapid fintech development.
“The in-principle approval of this license is underpinned by Hex Trust’s long-standing commitment to compliance and operational excellence, and to Singapore. We are not only reinforcing our leading role in working closely with regulatory bodies, but also enhancing our capability to safeguard and optimize the digital assets of our institutional clients with regulatory clarity.” – Calvin Shen, Managing Director, Hex Trust.
“The Monetary Authority of Singapore upholds rigorous regulatory standards that balance fostering innovation with ensuring consumer protection. We are thrilled to strengthen our presence in Singapore – a vibrant hub for fintech innovation, renowned for its outstanding regulatory framework.” – Alessio Quaglini, Co-Founder and CEO of Hex Trust Group.
With a dedicated office and team established in Singapore since 2020, Hex Trust is poised to unlock new capabilities for Singapore-based institutional and corporate clients, further positioning the city-state as a regional hub for blockchain innovation. This strategic move aligns with Hex Trust Group’s broader vision to lead and innovate within the global digital asset ecosystem.
On 2 April 2024, the MAS introduced amendments to the Payment Services Act (PS Act), which brought activities such as the provision of custodial services for DPTs, within the scope of regulation. Hex Trust, following notification to the MAS in accordance with the Payment Services (Amendment) Act 2021 (Saving and Transitional Provisions) Regulations 2024, has been granted a temporary exemption from holding a license under the PS Act for providing DPT service caught under the expanded scope of regulated activities for a specified period.
This announcement follows Hex Trust Group’s recent success in securing an additional license in Dubai, which now permits its markets arm to offer comprehensive Virtual Asset services, including Broker-Dealer and Management and Investment Services, along with regulated Staking Services.
About Hex Trust Group
Established in 2018, the Hex Trust Group is a fully licensed digital asset custodian dedicated to providing services for protocols, foundations, financial institutions, and the Web3 ecosystem. Get access to custody, DeFi, brokerage, and other services built on regulated infrastructure.
For more information, visit hextrust.com or follow Hex Trust on LinkedIn, X and Telegram.