HashKey Technology Services, the OTC trading subsidiary of HashKey Group, has been granted in-principle approval for its Major Payment Institution (MPI) license application by the Monetary Authority of Singapore (MAS) on February 28. This approval marks a significant milestone for HashKey OTC, paving the way for the provision of regulated digital fiat and crypto services in Singapore.

Li Liang, CEO of HashKey OTC, expressed enthusiasm about the development, stating that the in-principle approval is a crucial step towards offering a comprehensive OTC trading solution. This solution will cater to a broad spectrum of digital payment tokens and fiat currencies, enhancing the firm’s service offerings to accredited investors and financial institutions. Currently, HashKey OTC operates under a licensing exemption in Singapore, offering spot trading for 40 digital assets, liquidity support, fiat-to-crypto on-ramp services, and handling large notional trades.

The MAS had previously awarded HashKey OTC a Capital Markets Services license in December 2023. With the MPI license, the company is authorized to conduct payment services without adhering to the transaction limit of 3 million Singapore dollars ($2.2 million) for any single payment service, and is exempt from the 6 million Singapore dollar ($4.4 million) cap on monthly transactions for multiple payment services, excluding e-money account issuance and money-changing services.

HashKey Group is recognized for operating one of the only two licensed crypto exchanges in Hong Kong for virtual assets trading, alongside OSL Exchange. In a significant financial milestone, HashKey Group attained unicorn status on January 16, following a $100 million Series A funding round that valued the company at $1.2 billion.

Furthermore, HashKey’s COO, Livio Weng, shared insights with Caixin, revealing that following the U.S. SEC’s approval, 10 firms are considering the launch of spot Bitcoin exchange-traded funds (ETFs) in Hong Kong. This development reflects the growing interest and expansion in regulated cryptocurrency services and products in the Asia-Pacific region, signaling a promising future for digital asset trading and investment.

The post HashKey OTC Gains Singapore Approval for Digital Payment Services appeared first on CryptoShrypto.

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Filed under: Bitcoin - @ February 29, 2024 6:08 pm