HashKey OTC secures in-principal license approval in Singapore

HashKey Technology Services, the over-the-counter (OTC) trading arm of HashKey Group, hreceived in-principal approval on Feb. 28 from the Monetary Authority of Singapore (MAS) for its major payments license (MPI) application to provide digital fiat and crypto services.

“With this in-principle approval, we’re pleased to move a step closer to providing a comprehensive and regulated OTC trading solution that supports a wide range of digital payment tokens and fiat currencies,” said Li Liang, CEO of HashKey OTC.

Currently, HashKey OTC operates under a licensing exemption in Singapore. The firm provides services to accredited investors and financial institutions with spot trading for 40 digital assets with liquidity support, fiat-to-crypto on-ramp services and large notional trades.

In December 2023, the MAS awarded HashKey OTC with a Capital Markets Services license. MPI-licensed firms are authorized to conduct payment services without being subjected to transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service. The approved companies are also free from the 6 million Singapore dollar ($4.4 million) limit of monthly transactions for two or more payment services other than e-money account issuance and money-changing services.

HashKey Group currently operates one of the only two crypto exchanges in Hong Kong licensed for virtual assets trading, the other being OSL Exchange. On Jan. 16, HashKey Group reached unicorn status after closing a $100 million Series A funding round at a valuation of $1.2 billion.

HashKey’s chief operating officer, Livio Weng, told Chinese media outlet Caixin in an interview published on Jan. 10 that 10 firms are looking to launch spot Bitcoin exchange-traded funds in Hong Kong following their approval by the U.S. Securities and Exchange Commission the same month.

Related: HashKey Exchange to onboard market makers to boost liquidity