{"id":255784,"date":"2024-02-28T17:53:24","date_gmt":"2024-02-28T12:23:24","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=255784"},"modified":"2024-02-28T17:53:24","modified_gmt":"2024-02-28T12:23:24","slug":"singapore-grants-hashkey-otc-in-principle-approval-for-major-payment-institution-license-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/singapore-grants-hashkey-otc-in-principle-approval-for-major-payment-institution-license-crypto-news\/","title":{"rendered":"Singapore grants HashKey OTC in-principle approval for major payment institution license – Crypto News"},"content":{"rendered":"
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HashKey, the operator of one of Hong Kong\u2019s licensed crypto exchanges<\/a>, secured an in-principle approval from Singapore\u2019s leading financial regulator, the Monetary Authority of Singapore (MAS), for a Major Payment Institution (MPI) license via its over-the-counter trading arm, Hashkey OTC, according to a Feb. 28 statement shared with CryptoSlate<\/em>.<\/p>\n

The MPI license empowers HashKey OTC to offer digital payment token services, encompassing spot trading of nearly 40 digital payment tokens with robust liquidity, on\/off ramp services, and facilitation of large notional trades to institutional and accredited investors.<\/p>\n

According to the firm, this development reflects its commitment to regulatory compliance and its endeavor to deliver a comprehensive and regulated OTC trading solution supporting diverse digital payment tokens.<\/p>\n

The MAS guidelines<\/a> for MPI-licensed entities waive the transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service and the 6 million SG$ ($4.4 million) monthly transaction cap for two or more payment services, excluding e-money account issuance and money-changing services.<\/p>\n

HashKey\u2019s CEO, Li Liang, emphasized the company\u2019s focus on regulatory compliance and expressed satisfaction with the in-principle approval as it brings them closer to their vision of offering a regulated OTC trading solution.<\/p>\n

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\u201cRegulatory compliance has always been a top priority for us. With this in-principle approval, we\u2019re 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,\u201d Liang said.<\/p>\n<\/blockquote>\n

Recently, major players, such as Coinbase<\/a>, BitGo<\/a>, and Ripple<\/a>, secured MPI licenses in Singapore. These institutions are drawn by the country\u2019s proactive regulatory framework<\/a> aimed at providing clarity and fostering the crypto industry\u2019s growth.<\/p>\n

This regulatory environment has positioned it as a preferred destination for digital asset firms seeking international expansion opportunities<\/a>.<\/p>\n

Of note, HashKey OTC\u2019s MPI license follows the issuance of a Capital Markets Services license to its affiliate, HashKey Capital Singapore Pte. Ltd., in December 2023. This allows the company to provide fund management services in the country.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

HashKey, the operator of one of Hong Kong\u2019s licensed crypto exchanges, secured an in-principle approval from Singapore\u2019s leading financial regulator, the Monetary Authority of Singapore (MAS), for a Major Payment Institution (MPI) license via its over-the-counter trading arm, Hashkey OTC, according to a Feb. 28 statement shared with CryptoSlate. The MPI license empowers HashKey OTC […]<\/p>\n","protected":false},"author":2,"featured_media":255785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-255784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/255784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=255784"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/255784\/revisions"}],"predecessor-version":[{"id":255786,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/255784\/revisions\/255786"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/255785"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=255784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=255784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=255784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}