Hex Trust receives custody licence in Singapore 01 September 2021Singapore Reporter: Maddie Saghir
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Digital asset custodian Hex Trust has secured a Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS).
Hex Trust explains that it can now provide custodial services regulated under Singapore’s Securities and Futures Act.
As Singapore is fast becoming a strategic digital assets hub in the region, the Capital Markets Services Licence granted by MAS underpins Hex Trust’s position in Asia as the institutional gateway to digital assets.
According to Hex Trust, this will enable banks and financial institutions to seamlessly integrate digital assets into their business operations in a highly secure, scalable and compliant manner.
Alessio Quaglini, CEO and co-founder of Hex Trust, comments: “This achievement marks a strategic milestone in line with our mission to secure full compliance and regulatory recognition for our bank-grade digital assets custody services, uniquely positioning us at the forefront of this growing sector of Singapore's financial services industry.”
Quaglini affirms: “We are fully committed to expand in this market and to serve as strategic partners to financial institutions and digital asset natives, providing the highest level of security and compliance for digital assets as adoption continues to increase rapidly."
Colin Brooks, chairman, Hex Trust Advisory Board, adds: “The increased regulatory oversight from MAS indicates that Singapore is paving the way for constructive legal frameworks that will provide further clarity for the digital asset industry thus instilling investor confidence and investor protection.”
Click here to discover how, with the evolution and interest in digital assets increasing, custodians have everything to play for in this space.
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