Summary:
- Hex Trust receives in-principle approval from the Monetary Authority of Singapore (MAS).
- Increased institutional demand for compliant digital asset management solutions.
- Hex Trust operates in multiple jurisdictions, including Hong Kong, Vietnam, Italy, and France.
Hex Trust, a prominent crypto custodian, has been granted in-principle approval from the Monetary Authority of Singapore (MAS). This approval highlights the growing demand from institutional clients in Singapore for compliant digital asset management solutions.
Since establishing its office in Singapore in 2020, Hex Trust secured a Capital Market Services license in 2021. The MAS’s recent amendments to the licensing regime in April 2024, which included services related to Digital Payment Tokens (DPTs) under the Payment Services Act, further emphasize the evolving regulatory landscape.
Hex Trust operates in various jurisdictions, including Hong Kong, Vietnam, Italy, and France. After raising $88 million in its Series B funding round in 2022, the company aims to secure additional funds in 2024, bringing its total funding to $104 million from 37 investors, including Ripple and Animoca Brands.
On July 9, Hex Trust partnered with Monad Labs, a blockchain developer, to offer its services to the layer-1 blockchain, further expanding its reach in the crypto services sector.
In Singapore, DPT services include: Any service facilitating the exchange of digital payment tokens, namely establishing or operating a DPT exchange, where the person that establishes or operates that DPT exchange comes into possession of any money or DPT.
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