Crypto Custodian Hex Trust Gets Preliminary MPI License Approval in Singapore

Hex Trust, a leading cryptocurrency custodian, has received preliminary approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), according to an announcement on Thursday. This is a significant development for Hex Trust, as it will allow the company to offer a wider range of services to its clients, including trading and managing digital payment tokens.

The MPI license is a highly sought-after credential in the Singaporean financial sector. It is only granted to institutions that meet the MAS's stringent regulatory requirements. By obtaining this license, Hex Trust demonstrates its commitment to compliance and security.

What is an MPI License and Why is it Important?

An MPI license is a license issued by the Monetary Authority of Singapore (MAS) that allows institutions to provide a wide range of payment services, including money transfer, currency exchange, and digital payment token services. To obtain an MPI license, institutions must meet strict criteria set by the MAS, including having a strong track record, robust compliance procedures, and adequate financial resources.

Obtaining an MPI license is a significant achievement for Hex Trust. It demonstrates the company's commitment to compliance and security, and it will allow Hex Trust to offer a wider range of services to its clients. With an MPI license, Hex Trust will be able to:

• Trade digital payment tokens on behalf of its clients

• Provide custody services for digital payment tokens

• Offer other payment services, such as money transfer and currency exchange

How Does This News Affect the Crypto Industry?

The news of Hex Trust's preliminary MPI license approval is positive news for the crypto industry as a whole. It shows that regulators in Singapore are open to working with crypto companies and that they are willing to grant licenses to companies that meet their regulatory requirements. This could pave the way for other crypto companies to obtain licenses in Singapore, which would help to legitimize the industry and attract more institutional investment.

Hex Trust's Continued Growth

The MPI license approval is the latest in a series of positive developments for Hex Trust. The company recently raised $88 million in a funding round, and it has set up an office in Singapore. These developments suggest that Hex Trust is well-positioned to capitalize on the growing demand for crypto custody services.

Conclusion

The approval of Hex Trust's MPI license application is a significant development for the company and for the crypto industry as a whole. It shows that regulators are open to working with crypto companies and that they are willing to grant licenses to companies that meet their regulatory requirements. This could pave the way for other crypto companies to obtain licenses in Singapore, which would help to legitimize the industry and attract more institutional investment.