Hex Trust, a digital asset custodian, has announced it has received in-principle approval from Singapore's financial regulator for a principal payment institution (MPI) license.
This license will allow Hex Trust to offer regulated services related to “digital payment tokens” in Singapore, including custody and over-the-counter trading.
Demand for compliant digital asset management solutions has been increasing among institutional clients in the rapidly developing fintech sector in the region, leading to this approval.
Hex Trust had previously obtained a license for custody services back in September 2021, but recent amendments to the Payment Services Act expanded the scope of the law to include custody services.