Crypto custodian Hex Trust receives in-principle MPI license approval in Singapore

The Block2024/07/24 01:13

By:The Block

Quick Take The Major Payment Institution license would allow it to offer crypto custody and over-the-counter trading services. Hex Trust obtained a full Virtual Asset Service Provider license in Dubai in November 2023.

Hex Trust, an institutional crypto custodian, has obtained in-principle approval for a Major Payment Institution (MPI) license in Singapore as it seeks to expand in the city-state.

The company said in a statement shared with The Block that the Monetary Authority of Singapore has granted it the preliminary approval for the MPI license, which would allow the firm to offer “digital payment token services” in Singapore, “namely the custody and OTC trading of DPTs.”

“We are thrilled to strengthen our presence in Singapore — a vibrant hub for fintech innovation, renowned for its outstanding regulatory framework,” said Alessio Quaglini, co-founder and CEO of Hex Trust.

The latest compliance update in Singapore follows the company obtaining a full Virtual Asset Service Provider license in Dubai in November 2023. Hex Trust set up an office in Singapore in 2020 to “unlock new capabilities for Singapore-based institutional and corporate clients.”

Hex Trust raised $88 million in its Series B funding round in 2022, and received regulatory approval in France in August 2023 to offer services including digital asset custody, purchasing, selling and trading.

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