Crypto Custodian Hex Trust Nears Singapore Payments License

IconCryptoNewsTerminal Staff23 Jul, 2024

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Crypto Custodian Hex Trust Nears Singapore Payments License

Crypto custodian Hex Trust has received provisional approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This move is a significant step for Hex Trust, which has been expanding its presence in Asia. The company currently has offices in Hong Kong, Singapore, and Tokyo. An MPI license from MAS allows Hex Trust to engage in a wide range of payment activities, including domestic and cross-border payments, e-money issuance, and merchant acquiring. Hex Trust CEO Alex Liu said that the company is "honored" to receive the provisional approval from MAS. He added that the company is "committed to working with MAS to develop a safe and robust payments ecosystem in Singapore."

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