HashKey OTC Secures Major Payment Institution License

Feb. 29, 2024
HashKey OTC Secures Major Payment Institution License

In a historic event for the cryptocurrency sector, Hong Kong-based HashKey Group’s over-the-counter division, HashKey OTC, has received a Major Payment Institution license from the Monetary Authority of Singapore (MAS). Announced on February 28, this crucial milestone brings to light the crypto industry’s renewed emphasis on regulatory compliance, given global regulatory scrutiny during this period.

HashKey OTC is one step closer to offering regulated digital payment token services in Singapore, and this has been confirmed by the in-principle approval by MAS. This is a significant step forward for HashKey OTC and offers hope to crypto market enthusiasts worldwide amidst the prevailing uncertainties over crypto regulations.

Li Liang, CEO of HashKey OTC, has reiterated his company’s commitment to regulatory compliance by referring to the license as a very important step in their aim of offering all-inclusive and controlled OTC trading solutions.
Operating under an exemption at present, HashKey OTC is ready to broaden its offerings by incorporating digital payment token services, thereby strengthening its position in the market.

HashKey’s Regulatory Milestone

HashKey’s recent achievement was a result of the acquisition of a full capital markets services license from MAS that ensured they could provide fund management services in Singapore. The company’s focus on gaining regulatory approvals shows its adherence to the law as well as the development of creative crypto solutions.

The achievement of HashKey coincides with the strict regulation in Singapore, where cryptocurrency companies are seeking to become reliable and authentic. This goes hand in hand with the success of other market participants, for example, Upbit Singapore, which has recently obtained a Major Payment Institution license.

MAS has been very careful with some of these crypto products as much as Singapore is a friendly country towards them. The US has allowed spot bitcoin ETFs, but MAS does not permit their listing for retail investors in Singapore, stating that they are too volatile and unsuitable for retail investment.

Obtaining this Major Payment Institution license represents a significant advancement toward regulatory compliance for the company dedicated to providing secure and regulated services in the constantly evolving field of cryptocurrencies. This has improved Over-The-Counter service offerings and added more trust to its ecosystem among various stakeholders in the crypto industry.

Related Reading | Chainlink’s Oracle Ascension: Analyst Predicts Bullish Surge

Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.