- Hex Trust secured a license from MAS, allowing it to handle digital asset legally.
- The frim expands its custody and trading services with fiat options under regulations.
- A $100M investment supports Hex Trust’s expansion and strategic business acquisitions.
Hex Trust has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, allowing it to provide digital payment token services and cross-border transactions. The license was issued on March 1 and enhances its role as an important figure in Singapore’s regulated crypto ecosystem. This approval follows the company’s In-Principle Approval in July 2024, signifying compliance with MAS’s strict regulatory framework.
Strengthening Institutional Digital Asset Services
New license of Hex Trust grants it the capability to provide a regulated solution for custody, OTC trading, and settlement to institutional clients. The platform is now complete with fiat on-ramps and off-ramps, allowing the firm to offer a fully integrated regulatory platform for trading and settlement.
Calvin Shen, group chief commercial officer and chief executive officer of Hex Technologies, stated, “Securing the MPI license is a testament to our team’s dedication to working closely with the MAS to meet its regulatory requirements.” He emphasized Singapore’s importance in driving institutional adoption of digital assets.
Besides regulatory compliance, Hex Trust’s expansion aligns with its broader strategy of targeting jurisdictions with clear legal frameworks for digital assets. With permissions already secured in Hong Kong, Dubai, France, and Italy, the Singapore license reinforces its position as a major digital asset service provider in the region.
Singapore’s Crypto Market Attracts Global Players
The MAS license emphasizes the way Singapore balances innovation and regulatory oversight in the digital banking landscape. This continues to attract global crypto firms: Robinhood raises plans to extend into the region, to name one.
Thus, Hex Trust’s getting this approval shows institutional confidence in Singapore’s regulatory environment. This firm has been operating in Singapore since 2020 and will grow because of this license to improve offerings.
Moreover, the company’s most recent fundraising round, which is managed by Morgan Creek Digital, got itself secured over $100M. Investors, including Injective, participated in the funding, supporting Hex Trust’s expansion and staking initiatives. The capital will also help explore strategic acquisitions to enhance its market position.
Related: Department Store in Singapore Now Accepts Stablecoin Payments
Enhancing Trading Capabilities With New Platforms
In addition to regulatory achievements, Hex Trust recently acquired Byte Trading, integrating institutional market execution services into its portfolio. The move strengthens its presence as a full-spectrum digital asset institution.
Additionally, the company launched its E-Trading platform in November 2024, providing secure transaction execution from its custody platform. The service ensures settlement directly into cold storage, mitigating counterparty risks while offering access to deep liquidity.
With institutional adoption growing, how will Singapore’s evolving crypto regulations shape the future of digital asset services?
