YEREVAN (CoinChapter.com) — Digital asset custodian Hex Belief has introduced that it has acquired in-principle approval from the Financial Authority of Singapore (MAS) for a serious fee establishment (MPI) license. This license allows Hex Belief to supply regulated “Digital Payment Token” companies, 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 client safety.
The approval comes at a time when there’s rising demand amongst institutional purchasers for stylish and compliant digital asset administration options in a quickly growing fintech area.
Hex Belief Navigates New Rules with Singapore MPI License
Hex Belief has been energetic in Singapore since 2020. The corporate secured a license to offer custody companies in September 2021. Nonetheless, latest amendments to the Fee Companies Act have introduced custody companies underneath the brand new licensing scope, requiring companies to acquire MPI licenses to proceed their operations.
Alessio Quaglini emphasised the significance of this approval, noting,
“[The approval follows a] growing demand amongst institutional clients for sophisticated and compliant digital asset management solutions in a region experiencing rapid fintech development.”
Hex Belief’s latest regulatory approval follows comparable strikes by different companies. Digital asset custody agency BitGo acquired in-principle approval for an MPI license in January. Moreover, blockchain funds agency Ripple Labs acquired the identical approval three months earlier.
Increasing World Attain with New Dubai VASP License
Hex Belief’s regulatory achievements should 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 companies, together with staking.
The corporate’s operations lengthen past Asia. Hex Belief raised $88 million in its Sequence 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 purchasers, 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 corporations resembling AAVE, Algorand, Chainalysis, Polygon, and Sandbox.