HashKey Technology Services Receives Preliminary Approval from MAS for Major Payment License
Summary:
The Monetary Authority of Singapore (MAS) granted preliminary approval to HashKey Technology Services for its major payment license application, which will allow the company to provide digital fiat and crypto services. HashKey OTC currently offers services such as spot trading and fiat-to-crypto on-ramp services under a licensing exemption in Singapore. In December 2023, they received a Capital Market Services license by the MAS, allowing them to conduct payment services without transaction limits. HashKey Group, which operates one of the only two licensed virtual asset trading platforms in Hong Kong, has recently achieved unicorn status.
The Monetary Authority of Singapore (MAS) has granted preliminary approval to HashKey Technology Services, HashKey Group's OTC (over-the-counter) trading division, for its major payments license (MPI) application. This approval will enable the firm to provide both digital fiat and cryptocurrency services. Li Liang, HashKey OTC's CEO, expressed satisfaction with this approval as it brings them one step closer to offering a comprehensive, regulated solution for digital payment tokens and fiat currencies in OTC trading.
HashKey OTC is currently operating under a licensing exception in Singapore, serving accredited investors and financial institutions through spot trading for a variety of 40 digital assets. Their services also include fiat-to-crypto on-ramp services and significant notional trades.
Back in December 2023, HashKey OTC was awarded a Capital Market Services license by the MAS. A MPI license allows companies to provide payment services without a transaction cap. So, they are not restricted to the 3 million Singapore dollars ($2.2 million) transaction ceiling per payment service. An MPI license also lifts the 6 million Singapore dollars ($4.4 million) monthly transaction cap for two or more payment services, aside from e-money account issuance and money-changing services.
Currently, in Hong Kong, there are two licensed virtual asset trading platforms, one of them being operated by HashKey Group, the other by OSL Exchange. HashKey Group gained unicorn status on January 16 after closing a $100 million Series A funding round that valued the firm at $1.2 billion. Livio Weng, HashKey's COO, stated in a Caixin interview published on January 10 that upon approval by the U.S. Securities and Exchange Commission, ten firms aim to introduce spot Bitcoin exchange-traded funds in Hong Kong.
Published At
2/28/2024 10:38:50 PM
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