Hex Trust Receives In-Principle Approval for Major Payment Institution License in Singapore

Crypto custodian Hex Trust has announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This license will allow the firm to conduct multiple payment services and deal with Digital Payment Tokens (DPTs) in Singapore. Hex Trust's CEO, Alessio Quaglini, stated that the multi-year process was well worth it as regulation is the future. The licensing regime was created under the Payment Services Act of 2019 and was updated in April 2024 to include custodial services for DPTs.