YEREVAN (CoinChapter.com) — Digital asset custodian Hex Belief has introduced that it has obtained in-principle approval from the Financial Authority of Singapore (MAS) for a serious cost establishment (MPI) license. This license permits Hex Belief to supply regulated “Digital Fee Token” providers, together with custody and over-the-counter buying and selling.
Hex Belief’s CEO Alessio Quaglini shared that the corporate needed to meet stringent standards to safe the MPI license. The Financial Authority of Singapore is thought for its rigorous regulatory requirements, which intention to stability innovation and shopper safety.
The approval comes at a time when there may be rising demand amongst institutional shoppers for classy and compliant digital asset administration options in a quickly growing fintech area.
Hex Belief Navigates New Laws with Singapore MPI License
Hex Belief has been lively in Singapore since 2020. The corporate secured a license to supply custody providers in September 2021. Nonetheless, latest amendments to the Fee Companies Act have introduced custody providers underneath the brand new licensing scope, requiring companies to acquire MPI licenses to proceed their operations.
Alessio Quaglini emphasized the importance of this approval, noting,
“(The approval follows a) rising demand amongst institutional shoppers for classy and compliant digital asset administration options in a area experiencing speedy fintech growth.”
Hex Belief’s latest regulatory approval follows related strikes by different companies. Digital asset custody agency BitGo obtained in-principle approval for an MPI license in January. Moreover, blockchain funds agency Ripple Labs obtained the identical approval three months earlier.
Increasing World Attain with New Dubai VASP License
Hex Belief’s regulatory achievements usually are not restricted to Singapore. In June, Hex Belief secured a further Digital Asset Service Supplier license in Dubai, permitting its markets enterprise to supply broker-dealer and funding providers, together with staking.
The corporate’s operations prolong past Asia. Hex Belief raised $88 million in its Collection B funding spherical on March 16, 2022. It has additionally obtained licenses in Hong Kong, France, and Italy, additional establishing its world presence.
Hex Belief serves a various vary of shoppers, together with banks, asset managers, hedge funds, enterprise capital companies, pension funds, cryptocurrency exchanges, and central financial institution digital forex issuers. The agency additionally helps cryptocurrency-native firms equivalent to AAVE, Algorand, Chainalysis, Polygon, and Sandbox.