Hex Belief, a Hong Kong-based digital asset custodian, introduced it has acquired in-principle approval from the Financial Authority of Singapore (MAS) for a Main Cost Establishment (MPI) license.

This license will enable Hex Belief to supply regulated Digital Cost Token (DPT) providers in Singapore, together with custody and OTC buying and selling of DPTs.

Hex Belief, which has had a devoted workplace and staff in Singapore since 2020, goals to satisfy the rising demand for compliant digital asset administration options amongst institutional shoppers within the area.

On 2 April 2024, the MAS amended the Cost Companies Act (PS Act) to incorporate custodial providers for DPTs beneath its regulatory scope.

Hex Belief has been granted a short lived exemption from holding a license beneath the PS Act for offering DPT providers, following the amendments.

This approval follows Hex Belief Group’s latest licenses in Dubaipermitting it to supply complete Digital Asset providers, together with Dealer-Supplier and Administration and Funding Companies, together with regulated Staking Companies.

“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’re not solely reinforcing our main position in working carefully with regulatory our bodies, but in addition enhancing {our capability} to safeguard and optimise the digital belongings of our institutional shoppers with regulatory readability.”

mentioned Calvin Shen, Managing Director, Hex Belief.

“The Financial Authority of Singapore upholds rigorous regulatory requirements that stability fostering innovation with guaranteeing shopper safety.

We’re thrilled to strengthen our presence in Singapore – a vibrant hub for fintech innovation, famend for its excellent regulatory framework.”

mentioned Alessio Quaglini, Co-Founder and CEO of Hex Belief Group.

Featured picture credit score: Edited from Freepik