Following this announcement, Hex Trust can provide regulated cross-border money transfer services and Digital Payment Token (DPT) services in the country, offering a fully integrated solution which includes custody, OTC trading, and settlement of fiat on and off ramps.
Hex Trust met the eligibility criteria to apply for the licence, including having a Singapore branch, a permanent place of business where the books and records can be securely held, and a minimum base capital of SGD 250.000, among other requirements. When assessing an application, MAS takes into consideration the company’s experience as a business, security protocols, compliance agreements, audit arrangements, its financial condition, and more.
The financial institution has been operating in Singapore since 2020, with an office serving accredited and institutional clients. Hex Trust received In Principle Approval (IPA) for the MPI licence in July 2024. Representatives from Hex Trust Group remarked that the MAS’s stringent regulatory standards aim to balance innovation with consumer protection.
With the licence secured, the company is committed to offering compliant digital asset services to accredited and institutional clients, working closely with MAS to meet its regulatory requirements.
Hex Trust regards Singapore as a key market with an optimised regulatory framework and commitment to growth, able to drive institutional adoption of digital assets. The expansion enables the company to further evolve its services, offering clients secure and compliant digital asset solutions.
Its growth across multiple financial hubs around the world, including Hong Kong, Dubai, France, and Italy, highlights Hex Trust’s commitment to compliance, risk management, and institutional-grade digital asset services, aiming to bridge the gap between traditional finance and the digital asset economy.
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