Compliance Champions: The Trust Layer: Compliance in Digital Asset Custody

Annette Lu, VP Head of Compliance APAC at Hex Trust, takes us on a comprehensive deep dive into how digital asset regulation is evolving across Singapore, Hong Kong, and beyond.

With Singapore’s Payment Services Act (PSA) as a starting point, Annette shares how Hex Trust secured its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), and what it really takes to get there.

She covers:

• The difference between SPI and MPI licenses under the PSA
  Singapore’s custody safeguards, including trust segregation and cold/hot wallet mandates
• How MAS expects firms to show real operational evidence, not just paper policies
• What the Travel Rule means in practice (and what makes it painful)
• Key differences between Hong Kong’s rule-based approach vs. Singapore’s principle-based model
• Tips for aligning cross-border compliance across Singapore, Hong Kong, and Dubai
• How Hex Trust uses regulatory gap analyses and attestation systems to stay ahead

Annette also shares her experience transitioning from Hong Kong’s public sector to the fast-paced world of digital assets, and why she sees compliance as a collaborative, cross-functional mission, not a one-woman show.