Hex Trust, the crypto custody and trading services platform, has officially received a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). The license, granted on March 1, 2025, allows the company to provide regulated cross-border money transfer and Digital Payment Token (DPT) services.
This new license strengthens Hex Trust’s position in the digital asset sector, as it now offers a comprehensive suite of services that includes custody, over-the-counter (OTC) trading, settlement, and fiat on/off ramps. The company had previously secured In Principle Approval (IPA) for the MPI license in July 2024, and the final approval marks a major step forward in its regulatory journey.
Hex Trust has been operating in Singapore since 2020, with a focus on serving accredited and institutional clients. The company’s expansion into key global financial hubs, including Hong Kong, Dubai, France, and Italy, has been driven by a strong commitment to regulatory compliance and institutional-grade digital asset services.
In a statement, Calvin Shen, Group Chief Commercial Officer & CEO of Hex Technologies Pte. Ltd., said securing the MPI license “is a testament to our team’s dedication to working closely with the MAS to meet its regulatory requirements.”
The MAS had introduced reforms in the Payment Services Act (PS Act) last year to enhance regulation of digital payment token (DPT) service providers. Effective from April 4, 2024, the changes expanded regulatory oversight to include custodial services, cryptocurrency transaction facilitation, and cross-border money transfers.
Post the amendments, MAS can now impose stricter compliance requirements on DPT service providers, including customer due diligence, monitoring for suspicious activities, and reporting potential financial crimes. Entities involved in newly regulated activities must notify MAS within 30 days and apply for a license within six months. They must also submit a compliance report from an external auditor within nine months, or cease operations if they fail to comply.
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