Token

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Monad

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<div class="intro-text">
 Hex Trust, a leading digital asset custodian, has <a style="color: #0000ff;" href="https://www.hextrust.com/resources-collection/hex-trust-receives-in-principle-approval-for-major-payment-institution-license-from-the-monetary-authority-of-singapore" rel="noopener noreferrer nofollow">obtained</a> in-principle approval from Singapore’s financial regulator for a major payment institution (MPI) licence.
</div>
 This development, announced on July 24, will enable Hex Trust to offer regulated “Digital Payment Token” services in Singapore, including custody and over-the-counter trading.
According to the announcement, the approval comes amidst a rising demand for advanced and compliant digital asset management solutions from institutional clients, especially in a region experiencing swift fintech growth.&nbsp;
Hex Trust, which established its Singapore office and team in 2020, <a href="https://hextrust.com/resources-collection/hex-trust-secures-singapore-custody-license" rel="noopener noreferrer nofollow">previously secured a licence</a> to provide custody services in September 2021. However, recent amendments to the Payment Services Act have now brought custody under the revised law’s jurisdiction.
Alessio Quaglini, Co-Founder and CEO of Hex Trust Group, highlighted the stringent <a style="color: #0000ff;" href="https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers" rel="noopener noreferrer nofollow">criteria</a> the company had to meet to obtain the MPI license from the Monetary Authority of Singapore.
<blockquote>
 “The Monetary Authority of Singapore upholds rigorous regulatory standards that balance fostering innovation with ensuring consumer protection. We are thrilled to strengthen our presence in Singapore – a vibrant hub for fintech innovation, renowned for its outstanding regulatory framework.” 
</blockquote>
Quaglini stated
&nbsp;
Reacting to the approval, Calvin Shen, Managing Director of Hex Trust, stated: 
<blockquote>
 “This licence approval highlights our commitment to compliance and operational excellence, reinforcing our leadership in regulatory collaboration and enhancing our ability to safeguard and optimise institutional digital assets.”
</blockquote>
This approval follows a partnership between Hex Trust and Monad Labs to offer custody support for the Monad Blockchain. <a style="color: #0000ff;" href="https://defi-planet.com/2024/07/hex-trust-partners-with-monad-labs-to-offer-first-custody-support-for-monad-blockchain/" rel="noopener noreferrer nofollow">Announced on July 9, 2024, Hex Trust highlighted that this collaboration</a> marks a significant milestone as it becomes the first custodian to support the Monad Blockchain, addressing the growing need for secure and compliant custody solutions in the digital asset ecosystem.
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The post <a href="https://defi-planet.com/2024/07/hex-trust-receives-in-principle-approval-to-offer-digital-payment-token-services-in-singapore/" rel="noopener noreferrer nofollow">Hex Trust Receives In-Principle Approval to Offer Digital Payment Token Services in Singapore</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Hex Trust Receives In-Principle Approval to Offer Digital Payment Token Services in Singapore

DeFi Planet

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