HashKey, the operator of one among 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 Fee Establishment (MPI) license through its over-the-counter buying and selling arm, Hashkey OTC, in accordance with a Feb. 28 assertion shared with CryptoSlate.
The MPI license empowers HashKey OTC to supply digital fee token providers, encompassing spot buying and selling of practically 40 digital fee tokens with strong liquidity, on/off ramp providers, and facilitation of enormous 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 resolution supporting numerous digital fee tokens.
The MAS pointers 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 providers, excluding e-money account issuance and money-changing providers.
HashKey’s CEO, Li Liang, emphasised the corporate’s concentrate on 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 resolution.
“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 resolution that helps a variety of digital fee tokens and fiat currencies for our shoppers,” Liang mentioned.
Lately, main gamers, resembling 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 business’s progress.
This regulatory setting has positioned it as a most popular vacation spot for digital asset companies in search of worldwide growth alternatives.
Of be aware, HashKey OTC’s MPI license follows the issuance of a Capital Markets Companies license to its affiliate, HashKey Capital Singapore Pte. Ltd., in December 2023. This enables the corporate to supply fund administration providers within the nation.
