Hex Technologies Pte Ltd (“Hex Belief”, and along with its associates, the “Hex Belief Group”), a number one supplier of digital asset options for institutional finance, protocols, foundations, and the Web3 ecosystem, introduced that it has acquired In-Precept Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Main Cost Establishment (MPI) License.

The MPI license would enable Hex Belief to supply regulated Digital Cost Token (DPT) companies in Singapore, particularly the custody and OTC buying and selling of DPTs. The enlargement caters to a rising demand amongst institutional shoppers for classy and compliant digital asset administration options in a area experiencing fast fintech improvement.

“The in-principle approval of this license is underpinned by Hex Belief’s long-standing dedication to compliance and operational excellence, and to Singapore. We aren’t solely reinforcing our main position in working carefully with regulatory our bodies, but in addition enhancing {our capability} to safeguard and optimize the digital belongings of our institutional shoppers with regulatory readability.” – Calvin Shen, Managing Director, Hex Belief.

“The Financial Authority of Singapore upholds rigorous regulatory requirements that stability fostering innovation with making certain shopper safety. We’re thrilled to strengthen our presence in Singapore – a vibrant hub for fintech innovation, famend for its excellent regulatory framework.” – Alessio Quaglini, Co-Founder and CEO of Hex Belief Group.

With a devoted workplace and staff established in Singapore since 2020, Hex Belief is poised to unlock new capabilities for Singapore-based institutional and company shoppers, additional positioning the city-state as a regional hub for blockchain innovation. This strategic transfer aligns with Hex Belief Group’s broader imaginative and prescient to steer and innovate inside the international digital asset ecosystem.

On 2 April 2024, the MAS launched amendments to the Cost Providers Act (PS Act), which introduced actions corresponding to the supply of custodial companies for DPTs, inside the scope of regulation. Hex Belief, following notification to the MAS in accordance with the Cost Providers (Modification) Act 2021 (Saving and Transitional Provisions) Laws 2024, has been granted a brief exemption from holding a license beneath the PS Act for offering DPT service caught beneath the expanded scope of regulated actions for a specified interval.

This announcement follows Hex Belief Group’s latest success in securing an additional license in Dubaiwhich now permits its markets arm to supply complete Digital Asset companies, together with Dealer-Seller and Administration and Funding Providers, together with regulated Staking Providers.

About Hex Belief Group

Established in 2018, the Hex Belief Group is a completely licensed digital asset custodian devoted to offering companies for protocols, foundations, monetary establishments, and the Web3 ecosystem. Get entry to custody, DeFi, brokerage, and different companies constructed on regulated infrastructure.

For extra info, go to hextrust.com or comply with Hex Belief on LinkedIn, X and Telegram.