HashKey Technology Services Pte. Ltd., the over-the-counter trading arm of HashKey Group, has received in-principle approval from the Monetary Authority of Singapore for its Major Payment Institution licence application to provide digital payment token services.
The in-principle approval from the MAS, which is described as one of the world’s most established regulators is a “massive accomplishment,” according to Li Liang, CEO of HashKey OTC:
“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.”
HashKey OTC currently operates “under an exemption from holding a license for the provision of digital payment token services for a specified period, and provides institutional and accredited investors services including spot trading of close to 40 digital payment tokens with deep liquidity, on/off ramp services, large notional trades, settlement as fast as T+0, and services via voice and instant messaging.”
The in-principle approval of HashKey OTC’s Major Payment Institution license application follows “the issuance of the Capital Markets Services licence for fund management by the Monetary Authority of Singapore to HashKey Capital Singapore Pte. Ltd. in December 2023.”
At HashKey OTC, the over-the-counter trading arm of HashKey Group, they aim to “serve as your trusted partner in the world of digital assets.”
With a strong legacy and reputation, they claim to “focus on providing regulatory-compliant digital asset trading services to accredited and institutional investors.”
As reported last month, HashKey Group, an end-to-end digital asset financial services group in Asia, and OKX, a global Web3 technology company and crypto exchange, announced plans to “create a partnership to promote compliant virtual asset innovation and industry development in Hong Kong.”
The planned collaboration is to “include various industry programs, including cooperation on blockchain infrastructure development, product development and diversification, and virtual asset investment education initiatives, with a focus on the Hong Kong market.”
OKX Ventures, the investment arm of OKX, “was a participant in HashKey’s recent Series A financing round. OKX Ventures focuses its investments on projects aimed at sustainably growing the global virtual asset ecosystem.”