HashKey, the operator of one of Hong Kong’s licensed crypto exchanges, has received in-principle approval from Singapore’s top financial regulator, the Monetary Authority of Singapore (MAS), through its over-the-counter license. trading arm, Hashkey OTC, according to a Feb. 28 statement shared with CryptoSlate.
The MPI license enables HashKey OTC to offer digital payment token services including spot trading of nearly 40 digital payment tokens with robust liquidity, on/off ramp services and facilitating large notional transactions to institutional and accredited investors.
According to the company, this development reflects its commitment to regulatory compliance and its commitment to providing a comprehensive and regulated OTC trading solution that supports diverse digital payment tokens.
The MAS guidelines for MPI-licensed entities waive the transaction limits of SG$3 million ($2.2 million) for each payment service and the monthly transaction limit of SG$6 million ($4.4 million) for two or more payment services, excluding e-money accounts. issuing and currency exchange services.
HashKey CEO Li Liang highlighted the company’s focus on regulatory compliance and expressed satisfaction with the in-principle approval as it brings them closer to their vision of offering a regulated OTC trading solution.
“Regulatory compliance has always been a top priority for us. With this in-principle approval, we are pleased to move one 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 customers,” said Liang.
Recently, major players such as Coinbase, BitGo and Ripple have secured MPI licenses in Singapore. These institutions are attracted by the country’s proactive regulatory framework, aimed at providing clarity and promoting the growth of the crypto industry.
This regulatory environment has positioned the country as a preferred destination for digital asset companies looking for international expansion opportunities.
Note that HashKey OTC’s MPI license follows the issuance of a Capital Markets Services license to its subsidiary, HashKey Capital Singapore Pte. Ltd., in December 2023. This will enable the company to provide fund management services in the country.
