Hex Trust Receives In-Principle Approval from Singapore's MAS

Crypto custodian Hex Trust announced on Wednesday that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. Major Payment Institution licenses allow firms in Singapore to conduct multiple payment services and deal with Digital Payment Tokens (DPTs). MAS' license has been one of the gold standards for crypto licenses in Asia, with many major crypto firms vying for it, such as BitGo and Ripple. This announcement follows Hex Trust's recent success in expanding its licenses in Dubai, which now permits its markets arm to offer comprehensive Virtual Asset services.

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