Singapore – Hex Trust, a leading digital asset custodian and infrastructure provider, has announced it has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), marking a significant expansion of its regulated services in the city-state. This regulatory approval enables Hex Trust to operate as a fully licensed payment institution in Singapore, providing a robust and compliant platform for digital asset services.
To secure the MPI license, Hex Trust adhered to the rigorous requirements set forth by the MAS, which included establishing a physical office in Singapore, securing a permanent business location to ensure the safe storage of business records, and meeting the minimum base capital requirement of SGD 250,000. The MAS conducted a thorough evaluation of Hex Trust’s business experience, security protocols, regulatory compliance measures, audit frameworks, and financial stability.
Hex Trust has maintained a presence in Singapore since 2020, offering its services to accredited investors and institutional clients. In July 2024, Hex Trust received in principal approval (IPA) for the MPI licence. The acquisition of the full MPI license underscores Hex Trust’s commitment to providing secure and compliant digital asset solutions in a key financial hub.
"MAS's stringent regulatory standards aim to balance innovation with consumer protection," stated a representative from Hex Trust Group. "With this license, we will provide regulated digital asset services and work closely to meet MAS's regulatory requirements."
Singapore is considered by Hex Trust to be a core market, due to it's optimized regulatory environment, and it's growth potential. Hex Trust expects that this licence will greatly help institutional investors to adopt digital assets. The company will also continue to develop its services, and provide more safe, and regulatory compliant digital asset solutions to it's customers.
Hex Trust is expanding its operations across major financial hubs globally, including Hong Kong, Dubai, France, and Italy, focusing on regulatory compliance, risk management, and the provision of institutional-grade digital asset services. The acquisition of the Singapore MPI license is a pivotal step for Hex Trust as it aims to bridge the gap between traditional finance and the burgeoning digital asset economy, solidifying its position as a leader in the digital asset market.
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