Hex Trust, an institutional crypto-currency custodian, recently received approval in principle for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This milestone marks a significant step forward for the company in its expansion in Asia and around the world.
Strategic expansion in Asia
Context and significance of approval
Obtaining this approval in principle enables Hex Trust to offer a wide range of digital payment and digital asset deposit services in Singapore. This license is crucial for companies looking to establish a strong presence in Singapore's fintech ecosystem, a key hub for crypto-currency and blockchain innovation.
Official statement
According to Filippo Buzzi, Hex Trust's Regional Director for the MENA region, “This approval in principle by MAS reinforces our commitment to offering secure and reliable digital asset custody solutions to our institutional customers. Singapore, with its progressive regulatory framework, is a strategic market for us”.
Benefits for Hex Trust
- Access to the Singapore market: The MPI license enables Hex Trust to operate fully in one of the most dynamic markets for digital assets.
- Increased trust: This approval strengthens Hex Trust's credibility with its customers and partners.
- Expansion of Services: Hex Trust can now offer a wider range of payment and digital asset custody services.
Singapore's regulatory environment
Monetary Authority of Singapore (MAS)
MAS plays a crucial role in regulating payment services and crypto-currencies in Singapore. Their regulatory framework is designed to encourage innovation while protecting consumers and maintaining financial stability.
Impact on the crypto-currency sector
Singapore is renowned for its favorable regulatory environment for financial technologies. MAS' approval of licenses like Hex Trust's indicates continued support for the development of the crypto-currency industry in the region.
Future prospects for Hex Trust
Global expansion
With operational licenses in Hong Kong, Dubai and now Singapore, Hex Trust is well positioned to continue its global expansion. The company aims to become a leader in digital asset custody, offering services that are secure and compliant with local regulations.
Upcoming projects
Hex Trust plans to expand its service offerings, including digital asset trading and other innovative financial solutions. The company is also in discussions to obtain additional licenses in other strategic jurisdictions.
The importance of safety
As a custodian of digital assets, Hex Trust places great emphasis on the security of its platforms. Obtaining the MPI license in Singapore is recognition of their high standards of security and regulatory compliance.
Conclusion
MAS's approval of the MPI license for Hex Trust is a major step forward in their expansion strategy in Asia and on a global scale. This step not only strengthens their market position, but also the confidence of their customers and partners in their ability to offer leading digital asset custody services.
