Crypto custodian Hex Trust granted a license to offer services in Singapore

Cryptocurrency custodian Hex Trust has received in-principle approval from the Monetary Authority of Singapore.

According to an announcement shared with Crypto.news, the license will allow Hex Trust to offer services related to regulated Digital Payment Tokens. This includes custody services as well as over-the-counter trading.

Hex Trust has seen an increase in demand for “compatible digital asset management solutions” from institutional clients in Singapore.

Calvin Shen, managing director of Hex Trust, said the new license will help “protect and optimize digital assets.” [their] “We bring regulatory clarity to our corporate clients.”

The crypto custodian first established an office in the region in 2020. It later received a Capital Markets Services license to offer custody services in 2021.

However, in April 2024, MAS introduced changes to the licensing regime that brought services related to SPOs within the scope of the Payment Services Law.

According to Alessio Quaglini, Co-Founder and CEO of Hex Trust Group, to qualify for the MPI licence, the firm must comply with “rigorous regulatory standards” imposed by the Singapore regulator.

Hex Trust was previously licensed as a virtual asset service provider in Dubai in November 2023. The company offers a variety of regulated services related to virtual assets, such as staking.

In addition to the jurisdictions mentioned above, Hex Trust is also licensed to operate in Hong Kong, Vietnam, Italy and France.

The crypto services platform announced its intention to raise additional funds in 2024 after raising $88 million in a Series B funding round in 2022. To date, the company has raised a total of $104 million with the backing of 37 investors, including names like Ripple and Animoca Brands.

The cryptocurrency custodian aims to offer its services on the layer-1 blockchain by partnering with blockchain developer Monad Labs on July 9.