Crypto Custodian Hex Trust Obtains In-principle Approval from Singapore’s Regulator

Crypto custodian Hex Trust has announced that the Monetary Authority of Singapore (MAS) has given them in-principle approval for a Major Payment Institution license.

This license enables the company to conduct various payment services and handle Digital Payment Tokens (DPTs) in Singapore.

The license was created under the Payment Services Act of 2019 and was updated in April 2024 to include custodial services for DPTs.

The MAS license is highly sought after by major crypto firms in Asia, including BitGo and Ripple. In an interview with CoinDesk, Hex Trust CEO and co-founder Alessio Quaglini stated that unlicensed crypto entities operating in a gray area will have limited options, as licensure will become a necessity for serious players in the industry.