The Major Payment Institution licenses allow firms in Singapore to offer multiple payment services and operate with digital payment tokens (DPT).
In an interview, Hex Trust CEO and co-founder Alessio Quaglini stated that the process of obtaining the license took the custodian several years. Despite the costs and efforts, it was worth it for the firm. He also noted that the space for unlicensed crypto organizations operating in a gray area is shrinking. Licensing is becoming inevitable for any serious player in the crypto industry.
Quaglini mentioned that Hex Trust aims to be on the right side of the spectrum, comply with regulations, and obtain licenses in key jurisdictions. Currently, the company can offer comprehensive services in Dubai in the virtual assets sector, including broker-dealer activities and regulated staking services.
In May 2024, Hex Trust launched its own stablecoin on the Layer-1 Flare blockchain, USDX.