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Hex Trust Receives Approval From Singapore For Crypto Custody Services

Digital asset custodian Hex Trust has announced receiving in-principle approval from Singapore's financial regulator for a MPI license.

By Ruholamin Haqshanas

Last Updated: Jul 24, 2024

Fact checked

By Akriti Seth

Hex Trust Receives In-Principle Approval from Singapore for Crypto Custody Services

Digital asset custodian, Hex Trust, announced receiving in-principle approval from Singapore’s financial regulator for a major payment institution (MPI) license.

The approval will enable Hong Kong- headquartered Hex Trust to offer regulated “Digital Payment Token” services, including custody and over-the-counter trading, within the city-state, the firm said. 

Commenting on the approval, Hex Trust CEO Alessio Quaglini said, “The Monetary Authority of Singapore (MAS)  upholds rigorous regulatory standards that balance fostering innovation with ensuring consumer protection.”

Hex Trust, which established its Singapore office in 2020, previously secured a license to provide custody services in September 2021. However, recent amendments to the country’s Payment Services Act brought custody under the amended law’s scope.

“We are thrilled to strengthen our presence in Singapore – a vibrant hub for fintech innovation, renowned for its outstanding regulatory framework.”

The approval follows similar in-principle licenses granted to other industry players. Digital asset custody firm, BitGo, received its in-principle MPI license in January 2024. Ripple Labs received their approval three months ago.

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Hex Trust Receives VASP License In Dubai

In addition to progress in Singapore, Hex Trust also secured a Virtual Asset Service Provider (VASP) license in Dubai in June 2024. This license allows the company’s markets business to offer broker-dealer and investment services, including staking.

Besides its operations in Singapore, Hex Trust holds licenses in Hong Kong, as well as in France and Italy.

Hex Trust popularly provides services to banks, asset managers, hedge funds, venture capital firms, pension funds, cryptocurrency exchanges, and CBDC issuers. The company also supports cryptocurrency-native firms such as AAVE, Algorand, Chainalysis, Polygon, and Sandbox.

The firm raised $88 million in its Series B funding round on 16 March 2022.

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Singaporean Investors Embrace Cryptocurrency

Increasingly, financially savvy individuals in Singapore are embracing crypto, as they view it as the future of finance, according to a recent report by Seedly and Coinbase.

The study, conducted in the fourth quarter of 2023, involving over 2,000 adults, revealed that 57% of respondents currently hold digital assets and have invested amounts ranging from $1,000 to $25,000 in crypto.

Singapore has been actively trying to become a global crypto hub. Just recently, MAS provided stablecoin issuer, Paxos, regulatory approval to issue stablecoins.

Notably, MAS has also announced a 100 million Singaporean dollars ($74.36 million) investment into quantum computing and artificial intelligence (AI) initiatives.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Ruholamin Haqshanas
Ruholamin Haqshanas
Crypto Journalist

Ruholamin Haqshanas is an accomplished crypto and finance journalist with over three years of experience. He has been featured in various high-profile outlets, including Cryptonews.com, Investing.com, 24/7 Wall St, and Business2Community. Read More

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