Singapore regulators continue to issue new licenses linked with digital currency services, this time to a crypto custodian founded in Hong Kong.
Hex Trust has obtained a key license from the Monetary Authority of Singapore, according to a statement, to provide custodial services regulated under the city-state’s Securities and Futures Act.
The firm’s head of sales and business development Calvin Shen will relocate to Singapore to lead the expansion of the new branch office.
«We are fully committed to expand in this market and to serve as strategic partners to financial institutions and digital asset natives,» said Hex Trust chief executive and co-founder Alessio Quaglini.
Hex Trust
Hex Trust was founded in Hong Kong in 2018 to facilitate the transition to digital assets at financial institutions.
It currently has more than 100 institutional clients across banks, exchanges, funds and corporations in Asia and Europe, including a recent partnership with the Union Bank of the Philippines.
In March, the firm closed a Series A funding round that raised $6 million.
