Hex Trust, an institutional crypto custodian, has obtained in-principle approval for a Major Payment Institution (MPI) license in Singapore as it seeks to expand in the city-state.

The company said in a statement shared with The Block that the Monetary Authority of Singapore has granted it the preliminary approval for the MPI license, which would allow the firm to offer “digital payment token services” in Singapore, “namely the custody and OTC trading of DPTs.”

“We are thrilled to strengthen our presence in Singapore — a vibrant hub for fintech innovation, renowned for its outstanding regulatory framework,” said Alessio Quaglini, co-founder and CEO of Hex Trust.

The latest compliance update in Singapore follows the company obtaining a full Virtual Asset Service Provider license in …