Hex Belief has obtained in-principle approval from the Financial Authority of Singapore for a Main Fee Establishment licence.

This licence will allow Hex Belief to supply regulated Digital Fee Token providers in Singapore, particularly custody and over-the-counter buying and selling of DPTs. Based on Hex Belief, this improvement addresses the rising demand from institutional purchasers for regulated digital asset administration options in a quickly evolving fintech atmosphere.

Hex Belief officers acknowledged that the approval displays the corporate’s ongoing concentrate on compliance and operational requirements, emphasising its dedication to regulatory adherence in Singapore. They famous that the licence will improve Hex Belief’s skill to handle and safe digital property for institutional purchasers with clearer regulatory pointers.

Representatives from Hex Belief Group remarked that the MAS’s stringent regulatory requirements intention to stability innovation with client safety. They expressed satisfaction at increasing Hex Belief’s presence in Singapore, which is thought for its sturdy regulatory framework and fintech innovation.

Extra details about Hex Belief

Since establishing an area workplace and crew in Singapore in 2020, Hex Belief has been specializing in enhancing its providers for institutional and company purchasers primarily based in Singapore. In April 2024, the MAS amended the Fee Providers Act to incorporate custodial providers for DPTs inside its regulatory scope. In response, Hex Belief has acquired a brief exemption from licencing beneath the PS Act for offering DPT providers, in accordance with the Fee Providers (Modification) Act 2021 rules.

This announcement follows Hex Belief Group’s current acquisition of a further licence in Dubai, permitting its markets division to supply a spread of Digital Asset providers, together with Dealer-Vendor, Administration and Funding Providers, and controlled Staking Providers.