HashKey OTC secures in-principal license approval in Singapore

HashKey Group’s OTC trading subsidiary, HashKey Technology Services, has received preliminary approval from the Monetary Authority of Singapore (MAS) on February 28 for its major payments license (MPI) application. This license will enable the company to offer both digital and fiat currency services. Li Liang, the CEO of HashKey OTC, expressed satisfaction with this development, highlighting that it marks a significant step towards establishing a fully regulated OTC trading platform that accommodates a broad spectrum of digital payment tokens and traditional currencies.

Currently operating under a provisional licensing arrangement in Singapore, HashKey OTC caters to institutional and accredited investors, providing spot trading for 40 different digital assets, liquidity support, and seamless fiat-to-crypto conversion for significant transaction volumes.

In December 2023, MAS also granted HashKey OTC a Capital Markets Services license, allowing it to offer payment services without facing the usual caps on transactions. Specifically, firms with an MPI license are exempt from the single payment service cap of 3 million Singapore dollars ($2.2 million) and the aggregate monthly limit of 6 million Singapore dollars ($4.4 million) for multiple payment services, with the exception of e-money issuance and currency exchange services.

HashKey Group, the parent company, is also recognized as one of the two licensed virtual asset exchanges in Hong Kong, alongside OSL Exchange. This prestigious status was further cemented in January when HashKey Group secured a valuation of $1.2 billion, entering the unicorn club following a $100 million Series A funding round.

Furthermore, HashKey’s COO, Livio Weng, disclosed in a January 10 interview with Caixin, a Chinese news outlet, that following the U.S. Securities and Exchange Commission’s nod, ten entities are preparing to launch spot Bitcoin exchange-traded funds in Hong Kong, indicating a growing interest and expansion in the cryptocurrency investment landscape.