Institutional cryptocurrency custodian Hex Trust has received in-principle approval for a Major Payments Institution (MPI) license in Singapore as it looks to expand its operations there.
The company said in a statement shared with The Block that the Monetary Authority of Singapore has granted preliminary approval for an MPI license, which will allow the company to offer “digital payment token services,” namely “custody and OTC trading of DPTs” in Singapore.
“We are excited to strengthen our presence in Singapore, a vibrant hub for fintech innovation and renowned for its excellent regulatory framework,” said Alessio Quaglini, Co-Founder and CEO of Hex Trust.
Follow the company for the latest compliance updates in Singapore. Earn It obtained a full Virtual Asset Service Provider license in Dubai in November 2023. Hex Trust established an office in Singapore in 2020, “providing new capabilities for institutional and corporate clients in the region.”
Hex Trust Raised $88 million In the 2022 Series B funding round, received In August 2023, it received regulatory approval in France to provide services including digital asset storage, purchase, sale and trading.
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