Digital asset custodian and trading service providerHex Trust has received a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). The license, issued on March 1, 2025, allows Hex Trust to offer regulated cross-border money transfers and Digital Payment Token (DPT) services in the city-state.
The crypto custodian received a full license after obtaining initial approval from MAS in July 2024.
Strengthening Institutional Crypto Services in Asia
The company views Singapore as a key market, aligning with its broader strategy of expanding in jurisdictions with well-defined regulatory frameworks that encourage institutional adoption of digital assets.
Calvin Shen, Group Chief Commercial Officer and CEO of Hex Technologies Pte Ltd, stated in a press release shared with Cryptonews that securing the MPI license reflects the firm’s commitment to working closely with MAS and adhering to regulatory requirements. He noted that Singapore’s financial landscape continues to foster institutional engagement in digital finance, making it an ideal market for expansion.
A Global Push for Regulatory Compliance
Beyond Singapore, Hex Trust has been actively securing regulatory approvals across major financial hubs. The company holds licenses and registrations in Hong Kong, Dubai, France, and Italy, demonstrating its focus on compliance, risk management, and bridging the gap between traditional finance and the digital asset ecosystem.
Co-Founder and Group CEO Alessio Quaglini highlighted that obtaining the full MPI license in Singapore strengthens Hex Trust’s global footprint, reinforcing its reputation as a trusted partner for institutional investors. Since establishing its Singapore operations in 2020, the firm has steadily built a local presence, serving accredited clients with institutional-grade solutions.
Hex Trust is now among the likes of Anchorage Digital, Coinbase, BitGo, Circle, and Crypto.com who have secured a full Major Payment Institution (MPI) license from Singapore’s MAS, reinforcing its position among the country’s top regulated digital asset firms.
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