Hex Trust Receives Major Payment Institution License in Singapore
Cryptocurrency custodian Hex Trust receives major payment institution license in Singapore
This license allows Hex Trust to provide cross-border money transfer and digital payment token services.
Author: Francisco Rodriguez | Edited by: Parikshit Mishra Mar 6, 2025 10:34 UTC
Key facts:
- Hex Trust has been awarded a Major Payment Institution License by MAS Singapore.
- The license allows for cross-border transfer transactions and digital payment token services.
- The company can now combine digital asset storage with trading and settlement services.
Hex Trust, a cryptocurrency custody and trading company, has received a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS), it was announced on Thursday.
The license, issued on March 1, allows the company to offer cross-border money transfer and digital payment token services under Singapore law.
The approval follows Hex Trust’s prior approval from MAS in July 2024. As stated in a press release provided to CoinDesk, by receiving a full license, the company can now integrate regulated digital asset custody with trading and settlement services, including fiat currency deposits and withdrawals.
The move reflects Singapore’s efforts to strike a balance between innovation and regulatory oversight in digital finance. Other cryptocurrency trading platforms, including Robinhood, have already begun drawing up plans to bring their products to market this year.
Hex Trust has reportedly been operating in Singapore since 2020 and is also licensed by regulators in Hong Kong, Dubai, France, and Italy.
