Hex Trust, a cryptocurrency custodian and trading platform, obtains a license of the main payment institution (MPI) from Singapore’s Monetary Authority (MAS), the Said the firm at Thursday.
The license, granted on March 1, allows the firm to provide cross-border currency transfers and digital payment token services under the Singapore regulation framework.
The approval complies with the in-Principle clearance of the hex trust from MAS in July 2024. With the full license, the company can now include Regulated Digital Asset Custody in trade and settlement services, including Fiat On-Ramp and Off-Ramp, according to a press release shared with CoinDesk.
The move is aligned with Singapore’s efforts to balance the change in management of digital financial regulation. Other Crypto trading platforms including Robinhood structured plans to introduce their products to the region this year.
The hex trust has been operating in Singapore since 2020 and has also been holding regulations in Hong Kong, Dubai, France, and Italy, according to the document.
