Hex Trust, a cryptocurrency exchange with global recognition has secured regulatory approval in Singapore. The exchange communicated the development on Wednesday via a post on its official page on X (formerly Twitter).
In the post, the exchange disclosed that it has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). According to Hex Trust, the firm is aiming to leverage the license and strengthen its presence as a force to reckon with in Singapore’s FinTech hub.
More so, the approval from the MAS resonates with the broader vision of the cryptocurrency exchange to lead and innovate within the international virtual assets sphere. Furthermore, with the MPI license, Hex Trust will offer regulated Digital Payment Token (DPT) services to investors in the city-state.
Meanwhile, the exchange has been operating in the region since 2020 providing blockchain solutions for protocols, projects, and financial institutions. In a statement issued by Hex Trust, the approval emanated as part of the growing call from institutional clients for “sophisticated and compliant virtual assets management.”
It is worth mentioning that the MAS recently made amendments to the Payment Services Act (PS Act). Following the modification, the provision of custodial services for DPTs was moved under the scope of the regulation.
Lately, Hex Trust has intensified its expansion effort, in June, the exchange secured an additional license in Dubai. Before then, the exchange has already received a full VASP license in late 2023.
Additionally, the VASP license allowed HEX Trust to provide virtual assets custodial services to institutional clients and sophisticated investors. After gaining the approval for the new license, the exchange can now offer virtual assets services like Broker-Dealer and Management and Investment Services in Dubai.
Also, the license permitted the crypto exchange to provide regulated staking services.
How Top Executives From Hex Trust Reacted To The Regulatory Approval
Top executives from Hex Trust have reacted to the new regulatory approval. The Co-founder and CEO of HEX Trust, Alessio Quagini discussed how the “Monetary Authority of Singapore upholds rigorous regulatory standards that balance fostering innovation while ensuring consumer protection.”
Likewise, the CEO disclosed that the cryptocurrency exchange is thrilled to enhance its presence in Singapore. In his submission, the CEO described the city-state as a vibrant hub for fintech innovation and renowned for its outstanding regulatory framework.
Similarly, the Managing Director of Hex Trust, Calvin Shen highlighted how the in-principle approval highlights the commitment of the exchange to compliance and operational excellence. The Managing Director stated how the approval will ensure regulatory clarity and help the exchange to protect the assets of its institutional clients.