Hex Trust, a leading digital asset custodian and trading platform, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This significant achievement, announced on March 1st, enables Hex Trust to offer cross-border money transfer and digital payment token services within Singapore’s comprehensive regulatory framework. The license solidifies Hex Trust’s position as a trusted and compliant provider in the rapidly evolving digital asset landscape.
This full license approval follows an in-principle clearance received from MAS in July 2024. With this milestone, Hex Trust can now seamlessly integrate its regulated digital asset custody services with trading and settlement capabilities. This includes crucial fiat on-ramps and off-ramps, facilitating easier entry and exit points for users engaging with digital assets. This integrated approach streamlines the user experience and enhances operational efficiency within a secure and regulated environment.
The granting of the MPI license to Hex Trust underscores Singapore’s commitment to fostering innovation while maintaining robust regulatory oversight in the digital finance sector. Singapore has consistently aimed to establish itself as a global hub for FinTech and digital asset activities, attracting numerous companies seeking a stable and forward-thinking regulatory environment. Other prominent crypto trading platforms, such as Robinhood, have also announced plans to launch their services in Singapore, further validating the region’s appeal.
Hex Trust’s strategic presence in Singapore dates back to 2020. The company’s commitment to regulatory compliance is evident in its acquisition of licenses and approvals in various jurisdictions, including Hong Kong, Dubai, France, and Italy. These achievements demonstrate Hex Trust’s global ambition and dedication to operating within established regulatory frameworks, ensuring trust and security for its clients worldwide. This global network of regulatory approvals positions Hex Trust as a key player in the international digital asset market.
In conclusion, the MPI license from MAS marks a crucial step for Hex Trust, enabling the company to expand its service offerings in Singapore and strengthen its position as a leading provider of digital asset solutions. This development highlights the growing importance of regulatory compliance in the digital asset industry and reinforces Singapore’s commitment to fostering a vibrant and secure FinTech ecosystem. The license allows Hex Trust to provide a more comprehensive and integrated platform for institutional and individual investors seeking secure and compliant access to the digital asset market.
