Hex Belief has obtained a Main Cost Establishment License from the Financial Authority of Singapore, permitting it to supply cross-border cash switch providers.
Cryptocurrency custodian Hex Applied sciences Pte. Ltd. mentioned on Thursday, March 6, it obtained a license from the Financial Authority of Singapore that might permit it to supply a “fully-integrated answer” together with custody, over-the-counter buying and selling, and settlement, together with fiat on and off ramps.
In a press launch shared with crypto.information, Calvin Shen, CEO of Hex Applied sciences Pte. Ltd., mentioned Singapore stays a “key market” for Hex Belief, including that the milestone now permits the custodian to double down on its choices for institutional shoppers.
“Securing the MPI license is a testomony to our staff’s dedication to working carefully with the MAS to satisfy its regulatory necessities. With a well-established regulatory framework and dedication to innovation, Singapore continues to drive institutional adoption of digital property.”
Calvin Shen
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For Hex Belief, the most recent license marks one other regulatory achievement in Singapore, the place the custodian beforehand secured approvals. In 2021, it obtained the Capital Markets Providers license, permitting it to supply custodial providers regulated beneath Singapore’s Securities and Futures Act. Outdoors Singapore, Hex Belief additionally holds licenses and registrations in Hong Kong, Dubai, France, and Italy.
In February, Hex Belief secured a strategic funding spherical led by Morgan Creek Digital with participation from international traders together with Injective, bringing its whole funding to over $100 million. That funding marked a “pivotal milestone,” Hex Belief mentioned in a weblog announcement, because it prepares for its Collection C elevate anticipated later in 2025.
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