Deniz 
Seeking to grow in Singapore, Hex Trust, an institutional crypto custodian, has in-principal permission for a Major Payment Institution (MPI) license.
The company announced in a statement that the Monetary Authority of Singapore has given them preliminary permission for the MPI license, therefore enabling the company to provide “digital payment token services,” namely the custody and OTC trading of DPTs, in Singapore.
“We are delighted to increase our visibility in Singapore—a vibrant hub for fintech innovation renowned for its outstanding regulatory framework,” said Hex Trust co-founder and CEO Alessio Quaglini.
The most recent compliance update for Singapore shows the business acquiring a November 2023 complete Virtual Asset Service Provider license from Dubai. In 2020, Hex Trust opened an office in Singapore in order to “unlock new capabilities for Singapore-based institutional and corporate clients.”
In its Series B investment round in 2022, Hex Trust raised $88 million; in August 2023, it obtained regulatory clearance in France to provide services including digital asset custody, buying, selling, and trading.
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