Crypto custodian Hex Trust has been granted in-principle approval from the Monetary Authority of Singapore.

According to a release shared with crypto.news, the license will let Hex Trust offer services related to regulated Digital Payment Tokens. This includes over-the-counter trading alongside custodial services.

Hex Trust has observed a surge in demand from institutional clients in Singapore for “compliant digital asset management solutions.”

Calvin Shen, managing director at Hex Trust, said the new license would help “safeguard and optimize the digital assets of [their] institutional clients with regulatory clarity.” 

The crypto custodian initially set up an office in the region in 2020. Subsequently, it secured a Capital Market Services license to offer custody services in 2021.

However, in April 2024, the MAS introduced amendments to the licensing regime, which brought services related to DPTs under the purview of the Payment Services Act.

The firm had to qualify for “rigorous regulatory standards” implemented by the Singaporean regulator to be eligible for the MPI license, according to Alessio Quaglini, Co-Founder and CEO of Hex Trust Group.

Previously, Hex Trust had secured a virtual asset service provider license in Dubai back in November of 2023. The firm offers various regulated services related to virtual assets, such as staking.

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

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

On July 9, the crypto custodian partnered with blockchain developer Monad Labs, looking to offer its services to the layer-1 blockchain.