A outstanding institutional crypto custodian, Hex Belief, has secured in-principle approval for a Main Cost Establishment (MPI) license from the Financial Authority of Singapore (MAS). This milestone permits Hex Belief to increase its operations in Singapore, a key fintech hub.

The MPI license will allow Hex Belief to supply “digital cost token providers” in Singapore, together with the custody and over-the-counter (OTC) buying and selling of digital cost tokens (DPTs). This approval marks a big step for the corporate because it goals to bolster its presence in one of many world’s main monetary facilities.

Alessio Quaglini, co-founder and CEO of Hex Belief, expressed enthusiasm concerning the improvement. Quaglini stated“We’re thrilled to strengthen our presence in Singapore – a vibrant hub for fintech innovation, famend for its excellent regulatory framework.”

This regulatory development follows Hex Belief’s latest achievements. In November 2023, the corporate obtained a full Digital Asset Service Supplier (VASP) license in Dubai. Hex Belief established its Singapore workplace in 2020 to cater to institutional and company purchasers within the area.

Along with these regulatory milestones, Hex Belief raised $88 million in its Sequence B funding spherical in 2022. The agency additionally gained approval in France in August 2023, permitting it to supply a spread of providers together with digital asset custody, shopping for, promoting, and buying and selling.

With this newest approval, Hex Belief is poised to boost its choices and providers in Singapore, additional solidifying its place as a number one participant within the world crypto custodial market.

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