Crypto custodian Hex Belief has been granted in-principle approval from the Financial Authority of Singapore.
In keeping with a launch shared with crypto.information, the license will let Hex Belief provide providers associated to regulated Digital Cost Tokens. This contains over-the-counter buying and selling alongside custodial providers.
Hex Belief has noticed a surge in demand from institutional shoppers in Singapore for “compliant digital asset administration options.”
Calvin Shen, managing director at Hex Belief, stated the brand new license would assist “safeguard and optimize the digital belongings of (their) institutional shoppers with regulatory readability.”
The crypto custodian initially arrange an workplace within the area in 2020. Subsequently, it secured a Capital Market Providers license to supply custody providers in 2021.
Nonetheless, in April 2024, the MAS launched amendments to the licensing regime, which introduced providers associated to DPTs underneath the purview of the Cost Providers Act.
The agency needed to qualify for “rigorous regulatory requirements” carried out by the Singaporean regulator to be eligible for the MPI license, in accordance with Alessio Quaglini, Co-Founder and CEO of Hex Belief Group.
Beforehand, Hex Belief had secured a digital asset service supplier license in Dubai again in November of 2023. The agency provides varied regulated providers associated to digital belongings, corresponding to staking.
Along with the aforementioned jurisdictions, Hex Belief can also be licensed to function in Hong Kong, Vietnam, Italy, and France.
After elevating $88 million in its Sequence B funding spherical in 2022, the crypto providers platform has disclosed its intentions to boost extra funds in 2024. Thus far, the agency has raised a complete of $104 million with backing from 37 buyers, together with names like Ripple and Animoca Manufacturers.
On July 9, the crypto custodian partnered with blockchain developer Monad Labs, trying to provide its providers to the layer-1 blockchain.