Hex Trust, a crypto custodian, has been granted a crucial license to offer services related to regulated Digital Payment Tokens (DPTs) in Singapore. The firm has now secured a license from the Monetary Authority of Singapore (MAS). This license permits Hex Trust to offer over-the-counter trading and custodial services for digital assets. The approval follows the MAS’s recent amendments to the licensing regime in April 2024, which brought services related to DPTs under the Payment Services Act.
Calvin Shen, managing director at Hex Trust, emphasized the importance of this license, stating,
“This new license will help safeguard and optimize the digital assets of our institutional clients with regulatory clarity.”
This statement highlights the increasing demand from institutional clients in Singapore for compliant digital asset management solutions.
The firm initially established its presence in Singapore in 2020 and secured a Capital Market Services license in 2021 to offer custody services. The journey to obtaining the current license required Hex Trust to meet rigorous regulatory standards set by the Singaporean authorities. Alessio Quaglini, Co-Founder and CEO of Hex Trust, noted the significance of this achievement, underlining the firm’s commitment to compliance and security.
With the new license in Singapore, Hex Trust is well-positioned to cater to the growing demand for digital asset services in Asia. The firm’s advanced technology and security infrastructure have been pivotal in achieving this milestone. Hex Trust employs state-of-the-art security measures, including multi-signature wallets, cold storage solutions, and rigorous auditing processes, ensuring its clients’ safe management of digital assets.
The expansion in Singapore is part of Hex Trust’s broader strategy to establish a strong presence in key financial hubs across Asia. The crypto custodian already operates in Hong Kong, and the addition of Singapore strengthens its position as a leading crypto custodian in the region. The firm’s ability to navigate complex regulatory environments and offer trusted services to its clients underscores its reputation as a reliable crypto custodian.
The firm’s commitment to excellence extends beyond regulatory compliance and security. The company is dedicated to providing its clients a seamless and user-friendly experience. With the new license, its plans to introduce a range of innovative services tailored to the needs of the Singaporean market. These services include institutional-grade custody solutions, staking services, and digital asset lending.
Hex Trust’s Global Presence and Future Plans
The firm’s expansion into Singapore adds to its impressive list of jurisdictions where it is licensed to operate, including Hong Kong, Vietnam, Italy, and France.
The firm also secured a virtual asset service provider license in Dubai in November 2023. In addition to these licenses, the firm has raised significant funds to support its growth.
After raising $88 million in its Series B funding round in 2022, the firm has disclosed its intentions to raise additional funds in 2024. To date, the crypto custodian has raised a total of $104 million, backed by 37 investors, including prominent names like Ripple and Animoca Brands.
The firm’s recent partnership with blockchain developer Monad Labs on July 9 aims to offer its services to the layer-1 blockchain, further expanding its reach and capabilities. This partnership is expected to enhance its service offerings and provide more comprehensive solutions to its clients.
In conclusion, Hex Trust’s recent achievement of securing a license to offer crypto custody services in Singapore is a monumental step in its journey to becoming a leading player in the digital asset space. Reported by TurkishNY Radio, this news highlights the company’s dedication to regulatory compliance, security, and innovation. As Hex Trust expands its footprint in the Asian market, it is well-positioned to meet the growing demand for secure and reliable digital asset custody services. The future looks promising for the crypto custodian as it continues to set new standards in the crypto custody industry.
