Crypto asset custodian Hex trust announced Tuesday has obtained a license from the Singapore regulator- the Monetary Authority of Singapore (MAS), according to a Bloomberg report.
Under the Securities and Futures Act in Singapore, the Capital Markets Services license will allow Hex Trust to provide custodial services. At least one senior officer will relocate to Singapore to establish a new branch office and meet the need for business expansion, according to the report.
Alessio Quaglini, CEO and co-founder of Hex Trust, welcomed the decision through the statement:
“We are fully committed to [expanding] in this market and to serve as strategic partners to financial institutions and digital asset natives,”
Around two weeks ago, Hex Trust announced to pair with Union Bank of the Philippines (UnionBank) to explore areas in the digital asset ecosystem by promoting a pilot digital asset custody service.
Hex Trust established its office in Hong Kong in 2018. The company has secured investment from Hong Kong SAR Government-owned FinTech institution Cyberport in June by providing financial assistance, a variety of business and professional services, as well as investment opportunities, according to the official website.
The company also provided a compliance-driven custody solution with Chainalysis in May; and completed a Series A funding round by raising $6 million in March. The management said its business team aims to expand market in Europe this year.
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