Hex Trust, a crypto custodian, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License. This license allows firms in Singapore to conduct multiple payment services and deal with Digital Payment Tokens (DPTs). The approval from MAS is highly sought after, with many major crypto firms vying for it. Hex Trust CEO Alessio Quaglini stated that regulation is the future and obtaining licenses is essential for serious players in the industry. This approval marks a significant milestone for Hex Trust, following its success in expanding licenses in Dubai.
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Hex Trust Receives In-Principle Approval from Singapore’s MAS For Major Payment Institution License
