🌎 Hex Trust Gains Singapore Approval for Digital Payment Token Services

Crypto custodian Hex Trust has received in-principle approval from the Monetary Authority of Singapore. This approval allows Hex Trust to offer services related to regulated Digital Payment Tokens (DPTs), including over-the-counter trading and custodial services.

Hex Trust has noted a significant increase in demand from institutional clients in Singapore for compliant digital asset management solutions. Calvin Shen, Managing Director at Hex Trust, stated that the new license would help safeguard and optimize the digital assets of their institutional clients with regulatory clarity.

The firm established its office in Singapore in 2020, securing a Capital Market Services license to offer custody services in 2021. However, in April 2024, the MAS introduced amendments to the licensing regime, which included DPT services under the Payment Services Act.

The firm had to meet rigorous regulatory standards implemented by the Singaporean regulator to qualify for the MPI license, according to Alessio Quaglini, Co-Founder and CEO of Hex Trust Group.

Hex Trust previously secured a virtual asset service provider license in Dubai in November 2023. The firm offers various regulated services related to virtual assets, such as staking. Additionally, Hex Trust is licensed to operate in Hong Kong, Vietnam, Italy, and France.

In 2022, Hex Trust raised $88 million in its Series B funding round and disclosed intentions to raise additional funds in 2024. To date, the firm has raised a total of $104 million with backing from 37 investors, including Ripple and Animoca Brands.

On July 9, the crypto custodian partnered with blockchain developer Monad Labs to offer its services to the layer-1 blockchain.