Hex Trust, a notable player in the cryptocurrency custody and trading arena, recently announced that it has attained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This significant milestone was disclosed by the firm on Thursday, marking an important step in its operational evolution.
Granted on March 1, the MPI license empowers Hex Trust to engage in cross-border money transfers and provide digital payment token services, thereby operating within Singapore’s comprehensive regulatory framework. This approval underscores the firm’s commitment to compliance and security in the rapidly evolving digital finance landscape.
The acquisition of the full license follows Hex Trust’s in-principle approval from MAS, which had been awarded in July 2024. With this regulation now in place, the company can seamlessly integrate regulated digital asset custody with comprehensive trading and settlement services. This includes facilitating fiat on-ramps and off-ramps, as indicated in a recent press release shared with CoinDesk.
Hex Trust’s expansion aligns with Singapore’s strategic initiatives aimed at fostering innovation while maintaining rigorous regulatory oversight within the digital finance sector. The region is increasingly becoming a hotspot for cryptocurrency operations, with various platforms, including Robinhood, also announcing plans to roll out their crypto offerings in Singapore this year.
Since establishing its presence in Singapore in 2020, Hex Trust has not only made significant advancements in the local market but has also secured regulatory approvals in jurisdictions such as Hong Kong, Dubai, France, and Italy. This strategic positioning reinforces the firm’s status as a leader in digital asset custodianship on a global scale.
