Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Singapore MAS Grants In-Principle MPI License to Crypto Custodian Hex Trust

Singapore MAS Grants In-Principle MPI License to Crypto Custodian Hex Trust

Cryptonews2024/07/24 07:49
By:Sujha Sundararajan
Singapore MAS Grants In-Principle MPI License to Crypto Custodian Hex Trust image 0

Hex Trust, a digital asset custodian, has become the latest to receive the in-principle approval for a Major Payment Institution (MPI) license, from the Monetary Authority of Singapore (MAS).

The crypto custodian, that targets protocols, foundations and financial institutions, has a dedicated establishment in Singapore since 2020. With the new license approval, the company seeks to expand its services in the city-state.

Per the company statement , the approval would enable Hex Trust to offer “digital payment token (DPT) services” in Singapore. This means that Singaporean clients can enjoy the “custody and OTC trading of DPTs.”

“The in-principle approval of this license is underpinned by Hex Trust’s long-standing commitment to compliance and operational excellence, and to Singapore,” said Calvin Shen, MD at Hex Trust.

Last month, the company obtained an additional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). Hex Trust has been targeting crypto-centric jurisdictions to expand its digital asset solutions.

Hex Trust’s MAS License Approval Caters Growing Institutional Demand


The firm’s expansion into Singapore aligns with the island nation’s supportive crypto environment, thanks to its robust regulatory framework.

According to Hex Trust, there is a growing demand amongst institutional clients for sophisticated and compliant digital asset management solutions. This is particularly in regions experiencing rapid fintech development.

“The Monetary Authority of Singapore upholds rigorous regulatory standards that balance fostering innovation with ensuring consumer protection,” said Alessio Quaglini, CEO of Hex Trust.

Though the crypto environment in Singapore is fresh and nascent, the country is currently not having any plans to allow for crypto listings such as spot crypto exchange-traded funds (ETFs). Singapore Exchange’s (SGX) CEO said recently that the conditions are “not ripe” to launch such products.

Additionally, MAS also said in January that it would not approve spot Bitcoin ETFs to retail investors in Singapore.

Further, the nation has also tightened rules on anti-money laundering (AML) measures covering cryptocurrency players. The measures came after Singapore struggled a recent large criminal bust. The AML measures mandated crypto custodial service providers in Singapore to strictly comply with it.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

How OpenAI cemented its place on a rocky road in 2024

Share link:In this post: OpenAI had a challenging journey in marking itself as a prominent force in Artificial Intelligence. However, major milestones and other setbacks occurred for the company in 2024. This happened because CEO Sam Altman returned to help save the company.

Cryptopolitan2024/12/25 01:11

Majority of businesses are still at early stages of AI maturity: MIT study

Share link:In this post: Authors of the study categorized stages of AI advancement into four, with the majority of firms still in the initial stages. The study analyzed 721 companies at different stages of AI advancement. Companies become AI future-ready in the final stage.

Cryptopolitan2024/12/25 01:11

DeFi security sees a 40% drop in losses as CeFi faces a $694M surge in breaches

Share link:In this post: DeFi crypto hacks account for about 20.4% of all crypto hacks in 2024, while CeFi’s adds up to 30%. CeFi losses have increased to $694 million in 2024. Access control exploits accounts for the loss of over $1.7 billion.

Cryptopolitan2024/12/25 01:11

5 crypto predictions for 2025

These 5 crypto prophecies put Nostradamus to shame

Blockworks2024/12/25 01:00