Hex Trust previously obtained a license for custody services in Singapore, but a recent legislative amendment placed these firms under a new licensing scope.
Digital asset custodian Hex Trust has announced it has obtained in-principle approval from the Singapore financial regulator for a major payment institution (MPI) license.
The MPI license will allow Hex Trust to offer regulated “Digital Payment Token” services in the city-state, which includes custody and over-the-counter trading, Hex Trust said in its July 24 statement.
Hex Trust — which set up an office and team in Singapore in 2020—secured a license to provide custody services in September 2021, but recent amendments to the Payment Services Act brought custody under the amended law’s scope.
