Hex Trust Receives Key Singapore License Approval，The next step will be to expand around the world

Hex Trust announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license.

This license permits firms to conduct multiple payment services and handle Digital Payment Tokens (DPTs).

Licensing Under Payment Services Act

The Payment Services Act of 2019, updated in April 2024, includes custodial services for DPTs. MAS’ license is highly sought after in Asia, with major crypto firms like BitGo and Ripple also pursuing it.

Industry Compliance

Hex Trust CEO Alessio Quaglini emphasises the shrinking space for unlicensed crypto entities, indicating that licensure is becoming essential for serious industry players. He states:

"Companies, at a certain point, very soon, will really need to make a choice. Do I want to be on the white part of the spectrum, in the right, obtain all the licenses, and operate a completely regulated business? Or do I want to be on the other side of the spectrum, outside of regulation?"

Commitment to Regulation

Quaglini highlights the multiyear process starting in 2020 to achieve this stage in MAS' licensing. He underscores Hex Trust's commitment to compliance and obtaining necessary licenses in key jurisdictions.

Recent Expansions

Hex Trust has recently expanded its licenses in Dubai, allowing its markets arm to offer comprehensive Virtual Asset services, including acting as a broker-dealer and providing regulated Staking Services.

New Stablecoin Launch

In May, Hex Trust launched USDX, a native stablecoin on the Layer-1 blockchain Flare.