Hex Trust, a Cryptocurrency -depot and trading platform, has secured a major payment institution (MPI) license from the monetary authority in Singapore (MAS), the company said on Thursday.
The license, which was awarded on March 1, allows the company to provide cross-border money transfers and digital payment token services under Singapore’s regulatory framework.
The approval follows Hex Trust’s principle approval from MAS in July 2024. With the full license, the company can now integrate regulated digital asset custody with trade and settlement services, including Fiat On-Ramps and Off-Ramps, according to a press release shared with Coindesk.
The move is in accordance with Singapore’s efforts to balance innovation with regulatory supervision of digital financing. Other Crypto trading platforms, including Robinhood, have outlined plans to introduce their products to the region this year.
Hex Trust has been working in Singapore since 2020 and also has regulatory approvals in Hong Kong, Dubai, France and Italy, according to the document.
