Crypto custodian Hex Trust has received in-principle approval from the Monetary Authority of Singapore to offer services related to regulated Digital Payment Tokens. This license allows Hex Trust to provide over-the-counter trading and custodial services in Singapore.
Hex Trust, which set up an office in Singapore in 2020 and secured a Capital Market Services license in 2021, now addresses the rising demand for compliant digital asset management from institutional clients. Calvin Shen, managing director, emphasized the license’s role in ensuring regulatory clarity for their clients’ digital asset management.
After meeting rigorous regulatory standards, Hex Trust earned the new MPI license. The firm previously secured a virtual asset service provider license in Dubai in 2023 and operates in multiple jurisdictions, including Hong Kong and Italy. Having raised $104 million from 37 investors, Hex Trust plans further fundraising in 2024. This strategic move underscores the growing importance of regulatory compliance in the digital asset space.
