Hex Trust Wins In-Principle Approval as Major Payments Institution in Singapore

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As a seasoned crypto investor and someone who has closely followed the regulatory landscape of Singapore, I am thrilled to see Hex Trust receive In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) to offer its products to customers in the region. Having witnessed the rigorous scrutiny that the firm underwent to secure this license, I believe that Hex Trust is making a strategic move by committing to full compliance with regulatory requirements.

Hex Trust, a prominent financial services firm catering to institutional investors, has been given the green light by the Monetary Authority of Singapore (MAS) through an In-Principle Approval (IPA). This approval allows Hex Trust and its affiliated group, Hex Trust Group, to operate legally as a Major Payment Institution (MPI) in Singapore. The announcement was made public on Wednesday.

Limited Services until Full License

With in-principal approval, Hex Trust can initiate providing restricted services to their clients before obtaining a complete Multi Payment Institution (MPI) license. Normally, this license is issued by the Monetary Authority of Singapore (MAS), functioning as both the nation’s central bank and regulatory body.

Currently, the firm is authorized to provide controlled Digital Payment Token (DPT) transactions within this locale. We’re talking about offering OTC and safekeeping services to clients based in Singapore.

As a crypto investor, I can tell you that Hex Trust made its entrance into the vibrant Singapore market back in 2020 by establishing a local office in this bustling city-state. Fast forward to 2021, and they successfully secured a Capital Markets Services (CMS) license under the purview of Singapore’s Securities and Futures Act. This significant milestone empowered Hex Trust to offer regulated custodial services within the jurisdiction.

After the law was altered, it became necessary for the company to acquire an MPI license in accordance with the revised Payment Services Act.

Commitment to Compliance

The CEO of Hex Trust, Alessio Quaglini, revealed that the company underwent thorough examination to obtain the new MPI license. He added that the Monetary Authority of Singapore (MAS) maintains stringent regulatory norms, striking a chord between nurturing innovation and safeguarding consumers.

The firm views Singapore as an energetic center for financial technology advancements, recognized for its superior regulatory system.

As the managing director of Hex Trust, I am thrilled to announce that we have recently obtained a new MPI license. This acquisition underscores our unwavering dedication to adhering to regulatory requirements and maintaining the highest standards of compliance in our industry.

He stated that not only will we continue to collaborate closely with regulatory authorities, but we are also improving our ability to securely manage and enhance the digital possessions of our institutional customers in a legally compliant manner.

Not the First

Hex Trust has recently been given the green light to function as a significant payment institution in Singapore, joining the ranks of other approved companies in this capacity. Previously this year, BitGo, a company specializing in crypto custody, was granted an initial approval to provide its services to clients in the region. The MAS (Monetary Authority of Singapore) issued this approval in January. Notable cryptocurrency firms like Crypto.com, Coinbase, and Ripple Labs have already been authorized to operate within Singapore.

As a financial analyst, I’d put it this way: Unlike Hex Trust and BitGo, Crypto.com and Coinbase have managed to secure the necessary regulatory approvals that enable them to function as a Money Service Business (MPI) in the region. This license grants these companies the authorization to offer their comprehensive range of financial services to customers within this jurisdiction.

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2024-07-24 11:15