7 months ago
HashKey, the relation of 1 of Hong Kong’s licensed crypto exchanges, secured an in-principle support from Singapore’s starring fiscal regulator, the Monetary Authority of Singapore (MAS), for a Major Payment Institution (MPI) licence via its over-the-counter trading arm, Hashkey OTC, according to a Feb. 28 connection shared with CryptoSlate.
The MPI licence empowers HashKey OTC to connection integer outgo token services, encompassing spot trading of astir 40 integer outgo tokens with robust liquidity, on/off ramp services, and facilitation of ample notional trades to organization and accredited investors.
According to the firm, this improvement reflects its committedness to regulatory compliance and its endeavor to present a broad and regulated OTC trading solution supporting divers integer outgo tokens.
The MAS guidelines for MPI-licensed entities waive the transaction limits of 3 cardinal Singapore dollars ($2.2 million) for immoderate outgo work and the 6 cardinal SG$ ($4.4 million) monthly transaction headdress for 2 oregon much outgo services, excluding e-money relationship issuance and money-changing services.
HashKey’s CEO, Li Liang, emphasized the company’s absorption connected regulatory compliance and expressed restitution with the in-principle support arsenic it brings them person to their imaginativeness of offering a regulated OTC trading solution.
“Regulatory compliance has ever been a apical precedence for us. With this in-principle approval, we’re pleased to determination a measurement person to our imaginativeness of providing a broad and regulated OTC trading solution that supports a wide scope of integer outgo tokens and fiat currencies for our clients,” Liang said.
Recently, large players, specified arsenic Coinbase, BitGo, and Ripple, secured MPI licenses successful Singapore. These institutions are drawn by the country’s proactive regulatory framework aimed astatine providing clarity and fostering the crypto industry’s growth.
This regulatory situation has positioned it arsenic a preferred destination for integer plus firms seeking international enlargement opportunities.
Of note, HashKey OTC’s MPI licence follows the issuance of a Capital Markets Services licence to its affiliate, HashKey Capital Singapore Pte. Ltd., successful December 2023. This allows the institution to supply money absorption services successful the country.
The station Singapore grants HashKey OTC in-principle support for large outgo instauration license appeared archetypal connected CryptoSlate.
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