Share this article
Hex Trust Receives In-Principle Approval from Singapore's MAS For Major Payment Institution License
The Major Payment Institution license would allow for the company to offer regulated Digital Payment Token services, such as custody.
Updated Jul 24, 2024, 1:00 a.m. Published Jul 24, 2024, 1:00 a.m.
- Hex Trust says it has received in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution License.
- This has been a multi-year process for the custodian, but will be well worth it as regulation is the future, its CEO Alessio Quaglini said in an interview.
Crypto custodian Hex Trust announced on Wednesday that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license.
Major Payment Institution licenses allow firms in Singapore to conduct multiple payment services and deal with Digital Payment Tokens (DPTs). The licensing regime was created under the Payment Services Act of 2019, and was updated in April 2024 to include custodial services for DPTs.
STORY CONTINUES BELOW
MAS' license has been one of the gold standards for crypto licenses in Asia, with many major crypto firms vying for it, such as BitGo and Ripple.
Alessio Quaglini, the CEO and co-founder of Hex Trust told CoinDesk in an interview that the space for unlicensed crypto entities operating in a gray area is shrinking, and licensure is an eventuality for any serious player in the industry.
"Companies, at a certain point, very soon, will really need to make a choice. Do I want to be on the white part of the spectrum, in the right, obtain all the licenses, and operate a completely regulated business? Or do I want to be on the other side of the spectrum, outside of regulation?" he said during an interview with CoinDesk.
Quaglini said that getting to this stage in MAS' licensing process was a multiyear process that began in 2020. Despite the expense and effort required, it's well worth it for the firm.
"The commitment for us is clear. We want to be on the right side of the spectrum. We are committed. We want to be compliant. We want to get the licenses in the key jurisdictions," he said.
This announcement follows Hex Trust's recent success in expanding its licenses in Dubai, which now permits its markets arm to offer comprehensive Virtual Asset services, including acting as a broker-dealer and regulated Staking Services, it said in a release.
In May, Hex Trust launched USDX, a native stablecoin on the Layer-1 blockchain Flare.
Más para ti
Lo que debes saber:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Más para ti
SEC Approves U.S.’ Second Crypto Index ETP with Bitwise’s BITW
The Bitwise 10 Crypto Index Fund now trades on NYSE Arca, joining the ranks of gold and oil funds in regulated exchange products.
Lo que debes saber:
- The Bitwise 10 Crypto Index Fund (BITW) has received SEC approval to trade as an exchange-traded product on NYSE Arca.
- BITW offers diversified exposure to the 10 largest cryptocurrencies, including Bitcoin and Ether, and is rebalanced monthly.
- This approval marks a significant milestone for crypto indices, potentially attracting more institutional investment.
Top Stories
