HashKey OTC confirms the master license in Singapore
HashKey Technology Services, the e-commerce wing of HashKey Group, received master approval from the Monetary Authority of Singapore (MAS) on February 28 for its Master Payments License (MPI) application to provide digital fiat and crypto services. .
“With this in-principle approval, we are pleased to take a step forward in providing a comprehensive and streamlined OTC transaction solution that supports a wide range of digital payment tokens and fiat currencies,” said Li Liang, CEO of Hashkey OTC.
HashKey OTC currently operates license-free in Singapore. The firm provides services to accredited investors and financial institutions for 40 digital assets through liquidity support, fiat-to-crypto on-ramp services and large-scale communications.
In December 2023, MAS issued HashKey OTC with a Capital Market Services license. MPI-licensed organizations are allowed to operate payment services without a transaction limit of 3 million Singapore dollars ($2.2 million) for any payment service. The approved companies are exempt from monthly transactions of 6 million Singapore dollars ($4.4 million) for two or more payment services other than e-money billing and money exchange services.
HashKey Group currently operates one of two crypto exchanges licensed to trade virtual assets in Hong Kong, the other being OSL Exchange. On January 16, HashKey Group reached unicorn status after closing a $100 million Series A funding round for $1.2 billion.
HashKey Chief Operating Officer Livio Weng told Chinese media Caixin in an interview published on January 10 that ten companies are looking to launch in Hong Kong after being approved by the US Securities and Exchange Commission. .
Related: HashKey Exchange To Increase Liquidity To Passenger Market Makers
