HashKey, the operator of certainly one of Hong Kong’s licensed crypto exchanges, secured an in-principle approval from Singapore’s main monetary regulator, the Financial Authority of Singapore (MAS), for a Main Cost Establishment (MPI) license by way of its over-the-counter buying and selling arm, Hashkey OTC, in line with a Feb. 28 assertion shared with CryptoSlate.
The MPI license empowers HashKey OTC to supply digital fee token companies, encompassing spot buying and selling of practically 40 digital fee tokens with sturdy liquidity, on/off ramp companies, and facilitation of huge notional trades to institutional and accredited buyers.
In line with the agency, this growth displays its dedication to regulatory compliance and its endeavor to ship a complete and controlled OTC buying and selling answer supporting numerous digital fee tokens.
The MAS tips for MPI-licensed entities waive the transaction limits of three million Singapore {dollars} ($2.2 million) for any fee service and the 6 million SG$ ($4.4 million) month-to-month transaction cap for 2 or extra fee companies, excluding e-money account issuance and money-changing companies.
HashKey’s CEO, Li Liang, emphasised the corporate’s give attention to regulatory compliance and expressed satisfaction with the in-principle approval because it brings them nearer to their imaginative and prescient of providing a regulated OTC buying and selling answer.
“Regulatory compliance has all the time been a high precedence for us. With this in-principle approval, we’re happy to maneuver a step nearer to our imaginative and prescient of offering a complete and controlled OTC buying and selling answer that helps a variety of digital fee tokens and fiat currencies for our shoppers,” Liang stated.
Just lately, main gamers, akin to Coinbase, BitGo, and Ripple, secured MPI licenses in Singapore. These establishments are drawn by the nation’s proactive regulatory framework aimed toward offering readability and fostering the crypto trade’s progress.
This regulatory setting has positioned it as a most well-liked vacation spot for digital asset corporations searching for worldwide enlargement alternatives.
Of notice, HashKey OTC’s MPI license follows the issuance of a Capital Markets Providers license to its affiliate, HashKey Capital Singapore Pte. Ltd., in December 2023. This permits the corporate to supply fund administration companies within the nation.
