This licence will enable Hex Trust to provide regulated Digital Payment Token services in Singapore, specifically custody and over-the-counter trading of DPTs. According to Hex Trust, this development addresses the increasing demand from institutional clients for regulated digital asset management solutions in a rapidly evolving fintech environment.
Hex Trust officials stated that the approval reflects the company's ongoing focus on compliance and operational standards, emphasising its commitment to regulatory adherence in Singapore. They noted that the licence will enhance Hex Trust’s ability to manage and secure digital assets for institutional clients with clearer regulatory guidelines.
Representatives from Hex Trust Group remarked that the MAS’s stringent regulatory standards aim to balance innovation with consumer protection. They expressed satisfaction at expanding Hex Trust’s presence in Singapore, which is known for its strong regulatory framework and fintech innovation.
Since establishing a local office and team in Singapore in 2020, Hex Trust has been focusing on improving its services for institutional and corporate clients based in Singapore. In April 2024, the MAS amended the Payment Services Act to include custodial services for DPTs within its regulatory scope. In response, Hex Trust has received a temporary exemption from licencing under the PS Act for providing DPT services, in accordance with the Payment Services (Amendment) Act 2021 regulations.
This announcement follows Hex Trust Group's recent acquisition of an additional licence in Dubai, allowing its markets division to offer a range of Virtual Asset services, including Broker-Dealer, Management and Investment Services, and regulated Staking Services.
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