Cryptocurrency custodian Hex Trust receives Singapore MPI license
Cryptocurrency custodian Hex Trust has announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) to obtain a Major Payment Institution (MPI) license. This license will allow the company to offer regulated services related to digital payment tokens (DPT) in Singapore, marking a significant step in its expansion into the Asian market.
The MPI license is an important element of financial regulation in Singapore. The licensing regime was established in accordance with the Payment Services Act 2019 and was updated in April 2024 to include custodial services for digital payment tokens. Hex Trust began the process of obtaining the license in 2020 and, despite significant costs and efforts, views this step as crucial for its development.
Hex Trust Co-Founder and CEO Alessio Quaglini noted that obtaining the MPI license is a significant achievement for the company. He also emphasized Hex Trust’s commitment to obtaining licenses in all key jurisdictions to expand its capabilities in the global market.
In November of last year, Hex Trust already received an extended license in Dubai, enabling the company to offer services for dealing with virtual assets, including broker-dealer functions and staking. In May of this year, Hex Trust launched its USDX stablecoin on the first-tier blockchain Flare.
Quaglini pointed out that the narrowing space for unregulated cryptocurrency companies is creating a more competitive environment. Obtaining a license in Singapore opens up new opportunities for the company and allows it to offer a wider range of services in one of the world’s largest financial centers.
