Hex Trust, a crypto custodian, has recently 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.
According to Hex Trust’s CEO, Alessio Quaglini, obtaining this license has been a lengthy process that started back in 2020. Despite the time and resources invested in the process, Quaglini believes that regulatory compliance is the future for crypto firms. He emphasized the importance of operating within the bounds of the law and obtaining all necessary licenses to run a fully regulated business.
The Major Payment Institution license issued by MAS is considered a prestigious accreditation in the crypto industry in Asia. Many major players in the crypto space, including BitGo and Ripple, have also sought after this license. Quaglini highlighted that the landscape for unlicensed crypto entities is rapidly shrinking, and obtaining licenses is becoming a necessity for serious players in the industry.
In addition to the approval from MAS, Hex Trust has also recently expanded its licenses in Dubai. This expansion allows the firm’s markets arm to offer a wide range of Virtual Asset services, including serving as a broker-dealer and providing regulated Staking Services. This move further solidifies Hex Trust’s position as a key player in the crypto custodian space.
Furthermore, in May, Hex Trust launched USDX, a native stablecoin on the Layer-1 blockchain Flare. This development showcases the firm’s commitment to innovation and its dedication to providing cutting-edge solutions in the crypto market.
Overall, Hex Trust’s approval for a Major Payment Institution license by MAS marks a significant milestone for the firm. With a focus on regulatory compliance and a commitment to obtaining licenses in key jurisdictions, Hex Trust is poised for continued growth and success in the evolving crypto landscape.