The operator of a licensed crypto exchange in Hong Kong, HashKey, has received in-principle approval from Singapore’s Monetary Authority for a Major Payment Institution (MPI) license through its OTC trading arm, Hashkey OTC.
The MPI license enables HashKey OTC to launch digital payment token services that include spot trading for nearly 40 tokens, liquidity provision, on/off-ramp services, and large trades processing for institutional investors.
The approval confirms that HashKey is dedicated to maintaining regulatory standards. The MPI guidelines allow HashKey to bypass the SGD 3 million ($2.2 million) transaction limit per month and the SGD 6 million ($4.4 million) cap per month for multiple services.
HashKey’s CEO, Li Liang, said, “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.”
The Singaporean business-friendly regulatory environment has attracted big players like Coinbase and Ripple and has made the country a most desirable destination for crypto companies that are looking for international expansion.
HashKey OTC’s MPI license follows after its affiliate’s Capital Markets Services license issuance in December 2023, which is the permit for fund management services in Singapore.
Also Read: BitGo Secures In-Principle MPI License in Singapore, Expanding Crypto Services
