Crypto Custodian Hex Trust Secures Major Payment Institution License in Singapore

Hex Trust, a cryptocurrency custodian and trading platform, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the firm said on Thursday.

The license, granted on March 1, allows the firm to provide cross-border money transfers and digital payment token services under Singapore’s regulatory framework.

The approval follows Hex Trust’s in-principle clearance from MAS in July 2024. With the full license, the company can now integrate regulated digital asset custody with trading and settlement services, including fiat on-ramps and off-ramps, according to a press release shared with CoinDesk.

The move aligns with Singapore’s efforts to balance innovation with regulatory oversight in digital finance. Other crypto trading platforms including Robinhood have outlined plans to introduce their products in the region this year.

Hex Trust has operated in Singapore since 2020 and also holds regulatory approvals in Hong Kong, Dubai, France, and Italy, according to the document.