HashKey Technology Services, the over-the-counter (OTC) arm of HashKey Group, has secured in-principle approval from the Monetary Authority of Singapore (MAS).
HashKey Technology Services, the over-the-counter (OTC) arm of HashKey Group, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for its major payments license (MPI) application.
HashKey OTC CEO, Li Liang, said that “regulatory compliance has always been a top priority for us. With this in-principle approval, we’re pleased to move a step closer to our vision of providing a comprehensive and regulated OTC trading solution that supports a wide range of digital payment tokens and fiat currencies for our clients.”
Previously operating under a licensing exemption in Singapore, HashKey OTC currently caters to accredited investors and financial institutions. Their services encompass spot trading for 40 digital assets with liquidity support, fiat-to-crypto on-ramp services, and facilitating large-scale trades. Notably, HashKey OTC also received a Capital Markets Services license from the MAS in December 2023.
The MPI license grants broader authorization compared to the previous exemption. Notably, it removes transaction limits previously set for specific payment services, offering greater flexibility for HashKey OTC. This approval further reinforces HashKey's growing presence in the digital asset space, following their establishment as one of the two licensed cryptocurrency exchanges in Hong Kong and their recent achievement of unicorn status through a $100 million Series A funding round.
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