In a groundbreaking development for the digital asset market in Singapore, HashKey Technology Services Pte. Ltd., more commonly known as HashKey OTC, a prominent member of the renowned HashKey Group specializing in over-the-counter (OTC) trading of digital assets, has been granted in-principle approval for its Major Payment Institution license by the Monetary Authority of Singapore (MAS).
A pivotal moment in HashKey OTC’s compliance journey
This preliminary nod from MAS, one of the world’s most esteemed financial regulators, marks a significant accomplishment for HashKey OTC as it moves closer to its goal of providing regulated digital payment token services in Singapore. Li Liang, the CEO of HashKey OTC, shared his excitement about this development and emphasized its importance, stating, “Regulatory compliance is at the forefront of our priorities.” He further explained, “This in-principle approval pushes us forward in our mission to deliver a comprehensive and regulated OTC trading platform. Our platform is designed to accommodate an extensive range of digital payment tokens and fiat currencies, addressing the diverse needs of our clientele.”
At present, HashKey OTC operates under a temporary exemption from holding a license for providing digital payment token services. This exemption allows the firm to offer a range of services to institutional and accredited investors, including:
- Spot trading in nearly 40 digital payment tokens with substantial liquidity
- Efficient on/off ramp services
- Handling of large notional trades
- Settlements as quick as T+0
- Services accessible through voice and instant messaging platforms
A pioneering force in regulated digital asset trading in Singapore
HashKey OTC is an integral part of the HashKey Group, a well-established conglomerate with a strong legacy in the digital asset sector. The company is recognized for providing regulatory-compliant digital asset trading services to accredited and institutional investors, navigating the complexities of the digital asset market with a regulatory-focused approach, thereby solidifying its position as a trusted partner for those looking to venture into the world of digital assets.
HashKey OTC’s strategy revolves around leveraging its extensive market knowledge and robust infrastructure to provide unparalleled service quality. With the impending formalization of its Major Payment Institution license, HashKey OTC is poised to expand its offerings and strengthen its commitment to transparency, Website security, and regulatory adherence.
Moving forward: A future of regulated digital asset trading
The in-principle approval from MAS is more than just a regulatory milestone for HashKey OTC; it represents a crucial step forward in the maturation of the digital asset ecosystem in Singapore. As the financial landscape continues to evolve with the emergence of digital currencies and assets, regulatory clarity and compliance become increasingly essential. HashKey OTC’s progress serves as a testament to the growing acknowledgment of digital assets’ potential and the need for well-defined regulatory frameworks to govern their trade and usage.
This development is expected to create a ripple effect throughout the digital asset industry, inspiring other market participants to pursue regulatory compliance and contribute to a more secure, transparent, and prosperous digital asset marketplace. As HashKey OTC approaches the formalization of its Major Payment Institution license, it not only sets the stage for its growth but also establishes a benchmark for regulatory excellence in the digital asset sphere.
Conclusion
HashKey OTC’s in-principle approval from the Monetary Authority of Singapore is a milestone achievement that underscores the company’s commitment to regulatory compliance and its vision for a regulated digital payment token ecosystem. As HashKey OTC progresses towards full licensure, its journey reflects the broader trend of the digital asset market’s maturation, stability, and regulatory alignment, paving the way for a new era of digital asset trading in Singapore and beyond.
