Crypto Custodian Hex Trust Receives Approval from Monetary Authority of Singapore
Hex Trust has been granted in-principle approval from the Monetary Authority of Singapore to offer regulated Digital Payment Tokens services, including over-the-counter trading and custodial services. This approval comes amidst a surge in demand from institutional clients in Singapore for compliant digital asset management solutions.
Expansion of Services and Regulatory Compliance
With the new license, Hex Trust aims to safeguard and optimize the digital assets of institutional clients with regulatory clarity. The firm had to meet rigorous regulatory standards set by the Singaporean regulator to qualify for the MPI license, further solidifying its position in the market.
Global Presence and Continued Growth
Hex Trust’s expansion includes securing licenses in Dubai, Hong Kong, Vietnam, Italy, and France. After a successful Series B funding round, the firm intends to raise additional funds in 2024. Hex Trust recently partnered with Monad Labs to extend its services to the layer-1 blockchain, showcasing its commitment to innovation and growth in the cryptocurrency space.
