Digital asset custodian Hex Trust has been granted a license to provide custodial services under Singapore’s Securities and Futures Act, according to a press release on Tuesday.
- The Capital Markets Services license, granted by the Monetary Authority of Singapore, means Hex Trust can now provide banks and financial institutions with the means to integrate digital assets into their business operations.
- The Securities and Futures Act seeks to regulate activities and institutions in the derivatives industry including leveraged foreign exchange trading of financial benchmarks and of clearing facilities.
- Hex Trust’s new license marks a “strategic milestone” for the Hong Kong-based custodian, according to Alessio Quaglini, CEO and co-founder of Hex Trust.
- Singapore has some of the world’s toughest regulations relating to digital assets. In 2019, the city-state passed the Payment Services Act of 2019, requiring so-called Digital Payment Token service providers to be licensed.
- Established in 2018, Hex Trust has grown to become a prominent custodial service in Southeast Asia with offices in Singapore and Hong Kong.
- Last month, the Philippines’ UnionBank tapped Hex Trust to provide an internal custody service for the bank’s employees as part of a pilot run.
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