Gains

<p>In a significant development for the digital asset market in Singapore, HashKey Technology Services Pte. Ltd. (hereinafter referred to as “HashKey OTC”), an eminent entity within the <a href="https://www.cryptopolitan.com/hashkey-capital-ftse-russell-crypto-indices/" rel="noopener noreferrer nofollow">HashKey</a> Group specializing in over-the-counter (OTC) trading, has been granted in-principle approval for its Major Payment Institution licence by the Monetary Authority of Singapore (MAS).&nbsp;</p>
<p>This preliminary nod is a crucial step towards HashKey OTC’s ambition to offer regulated digital payment token services in Singapore, marking a noteworthy milestone in the company’s journey towards full regulatory compliance.</p>
<h2 class="wp-block-heading" id="a-leap-toward-regulatory-compliance">A leap toward regulatory compliance</h2>
<p>The in-principle approval by MAS, one of the globe’s most reputable financial regulators, signals a significant achievement for HashKey OTC. Li Liang, the Chief Executive Officer of HashKey OTC, expressed his satisfaction and emphasized the importance of this development. “Regulatory compliance is at the forefront of our priorities,” Li stated. He added, “This in-principle approval propels us closer to realizing our goal of delivering a holistic and regulated OTC trading platform. Our platform is designed to support an extensive array of digital payment tokens and fiat currencies, catering to the diverse needs of our clientele.”</p>
<p>Currently, HashKey OTC operates under a temporary exemption from holding a licence for providing digital payment token services. This exemption allows the firm to offer a suite of services to institutional and accredited investors. These services include spot trading of nearly 40 digital payment tokens, boasting substantial liquidity, efficient on/off ramp services, handling of large notional trades, settlements as swift as T+0, and accessible services through voice and instant messaging platforms.</p>
<p>The attainment of the in-principle approval for HashKey OTC’s Major Payment Institution licence application comes on the heels of the Monetary Authority of Singapore awarding a Capital Markets Services licence for fund management to HashKey Capital Singapore Pte. Ltd. in December 2023. This sequence of regulatory advancements underscores the group’s commitment to aligning its operations within Singapore’s regulatory framework, enhancing the trust and security for its clients and stakeholders.</p>
<h2 class="wp-block-heading" id="hashkey-otc-pioneering-digital-asset-trading-in-singapore">HashKey OTC pioneering digital asset trading in Singapore</h2>
<p>The company stands as a pillar of the HashKey Group, a conglomerate renowned for its legacy and reputation in the digital asset domain. The company prides itself on offering regulatory-compliant digital asset trading services tailored to accredited and institutional investors. By navigating the complexities of the digital asset market with a regulatory-first approach, HashKey OTC aims to bolster its position as a trusted partner for investors looking to explore the burgeoning world of digital assets.</p>
<p>The company’s strategy revolves around leveraging its in-depth market knowledge and robust infrastructure to provide unparalleled service quality. With the impending formalization of its Major Payment Institution licence, HashKey OTC is set to enhance its service offerings, reinforcing its commitment to transparency, security, and regulatory adherence.</p>
<h2 class="wp-block-heading" id="looking-ahead-a-future-of-regulated-digital-asset-trading">Looking ahead: A future of regulated digital asset trading</h2>
<p>The in-principle approval from MAS is more than just a regulatory milestone for HashKey OTC; it represents a forward leap in the maturation of the digital asset ecosystem in Singapore. As the financial landscape evolves with the advent of digital currencies and assets, regulatory clarity and compliance become paramount. The company’s progress is a testament to the growing recognition of digital assets’ potential and the need for established regulatory frameworks to govern their trade and use.</p>
<p>This development is poised to have a ripple effect across the digital asset industry, encouraging other market participants to pursue regulatory compliance and contribute to a more secure, transparent, and thriving digital asset marketplace. As HashKey OTC moves closer to obtaining its Major Payment Institution licence, it not only paves the way for its own growth but also sets a benchmark for regulatory excellence in the digital asset sphere.</p>
<h2 class="wp-block-heading" id="conclusion">Conclusion&nbsp;</h2>
<p>HashKey OTC’s in-principle approval from the Monetary Authority of Singapore is a landmark achievement that underscores the company’s dedication to regulatory compliance and its vision for a regulated digital payment token ecosystem. As the company advances towards full licensure, its journey reflects the broader trajectory of the digital asset market towards maturity, stability, and regulatory alignment, heralding a new era of digital asset trading in Singapore and beyond.</p>

HashKey OTC Gains Approval from Singapore’s Financial Authority

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