- HashKey OTC has secured a license in Singapore.
- The company previously operated under an exemption.
- The new license will enable the company to expand its crypto offerings in Singapore.
HashKey Technology Services (HashKey OTC) has secured a Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS), the company announced Friday.
HashKey OTC is the over-the-counter trading arm of HashKey Group, a digital asset investment company offering an ecosystem of crypto-related services. Some of the services provided include a regulated exchange, custody solution, brokerage, and asset management.
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The OTC business previously operated under an exemption from holding a license following an in-principle approval it secured from the regulator in late February this year.
HashKey Gets Singapore’s MPI License
In a press release on August 2, HashKey OTC said Singapore’s MPI license was granted under the Payment Services Act 2019 to provide digital payment token (DPT) services.
The license allows HashKey OTC to expand its offerings, which initially included support for spot trading, on/off ramp trades, and large notional trades with swift settlement options during the exemption period.
“With the Major Payment Institution licence granted by MAS, HashKey OTC is now poised to offer comprehensive and regulated OTC trading solutions for DPT.” Hashkey OTC CEO, Li Liang stated.
While HashKey OTC didn’t name the additional services it intends to offer after the development, businesses holding the MPI license often engage in wide-ranging services related to digital payment token services. This includes cross-border transfers which come with no restrictions on the transaction volume.
MAS has granted MPI licenses to a total of 26 crypto-related businesses, including Coinbase, Ripple, GSR Markets, Upbit, BitGo, and others.
Stay updated on why the Singapore Exchange (SGX) sidelined crypto:
SGX Shuts Out Crypto, Says No Plan for “Immediate” Listing
Read about Upbit’s recent win in Singapore:
Upbit Secures Singapore’s Major Payment Institution License
