HashKey Technology Services, the over-the-counter (OTC) trading division of the HashKey Group, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for its application for a Major Payment Institution license. This license will enable HashKey OTC to provide digital payment token services.

The company, which has been operating under a temporary exemption from holding a license for the provision of digital payment token services, offers institutional and accredited investors a range of services.

These include spot trading for nearly 40 digital payment tokens with deep liquidity, on/off ramp services, large notional trades, settlement as fast as T+0, and services via voice and instant messaging.

This in-principle approval follows the issuance of a Capital Markets Services license for fund management to HashKey Capital Singapore, another subsidiary of the group.

The HashKey Group, also known for operating one of the two licensed cryptocurrency exchanges in Hong Kong, recently closed its Series A funding round in January 2024, raising nearly US$100 million. This pushed the company’s valuation to over US$1.2 billion, earning it a unicorn badge.

“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,”

said Li Liang, CEO of HashKey OTC.

Featured image credit: Edited from Freepik

About Author

More info about author