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HashKey OTC Wins Provisional Major Payment Institution License in Singapore

MAS has granted HashKey OTC with in-principle approval for its Major Payment Institution license, through which it aims to “serve as your trusted partner in the world of digital assets”

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HashKey Group's OTC arm has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license to provide digital payment token services.

HashKey OTC said it will focus on providing regulatory-compliant digital asset trading services to accredited and institutional investors. It is currently operating without a license for digital payment token services but is under an exemption for a limited time. It offers services to institutional and accredited investors, including spot trading, on/off ramp services, fast settlement, and communication services.

“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,” said Li Liang, CEO of HashKey OTC.

Last month, the Hong Kong-based crypto exchange officially made unicorn status after raising $100 million in a Series A funding round. HashKey said the funding round consisted of “prominent institutional investors, leading Web3 institutions, and strategic partners," but did not disclose the names of investors.

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Now worth $1.3 billion, crypto unicorn HashKey has also made partnership announcements involving DigiFT and Pando Finance

Hashkey's in-principle MPI license follows HashKey Capital Singapore's successful acquisition of a Capital Markets Services (CMS) license from MAS.

Through the license, HashKey can operate as a licensed fund management company and is permitted to provide regulated fund management services primarily involving capital markets products in Singapore.

The CMS license further enables HashKey to contribute to Singapore's local blockchain community, said Deng Chao, CEO of HashKey Capital Singapore and head of HashKey Singapore.

HashKey Capital Singapore Secures License From MAS
HashKey’s CMS license comes less than DigiFT’s approval