HashKey, the operator of a registered cryptocurrencycurrency exchange in Hong Kong, has received in-principle authorization from Singapore’s Monetary Authority to obtain a Major Payment Institution (MPI) license through its OTC trading subsidiary, Hashkey OTC.
The approval affirms HashKey’s commitment to upholding regulatory standards. The MPI standards permit HashKey to exceed the SGD 3 million ($2.2 million) transaction limit per month and the SGD 6 million ($4.4 million) limitation per month for multiple services.
The MPI license allows HashKey OTC to implement digital payment token services such as spot trading for roughly 40 tokens, liquidity providing, on/off ramp services, and large deal processing for institutional investors.
Li Liang, HashKey’s CEO, stated, “Regulatory compliance has always been a top priority for us.” With this in-principle clearance, we’re one step closer to realizing our aim of offering our clients a comprehensive and regulated OTC trading solution that supports a diverse spectrum of digital payment tokens and fiat currencies.
HashKey OTC’s MPI license comes after its affiliate’s Capital Markets Services license was issued in December 2023, which is the permit for fund management services in Singapore.
Singapore’s business-friendly regulatory climate has attracted major players such as Coinbase and Ripple, making the country a top choice for cryptocurrencycurrency startups wishing to expand internationally.
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