HashKey, the operator of 1 among Hong Kong’s licensed crypto exchanges, secured an in-precept approval from Singapore’s leading monetary regulator, the Monetary Authority of Singapore (MAS), for a Valuable Cost Institution (MPI) license through its over-the-counter trading arm, Hashkey OTC, in conserving with a Feb. 28 snarl shared with CryptoSlate.
The MPI license empowers HashKey OTC to provide digital price token companies and products, encompassing situation trading of virtually 40 digital price tokens with significant liquidity, on/off ramp companies and products, and facilitation of tremendous notional trades to institutional and well-liked investors.
Based mostly completely mostly on the agency, this vogue reflects its dedication to regulatory compliance and its endeavor to lift a complete and regulated OTC trading solution supporting various digital price tokens.
The MAS guidelines for MPI-licensed entities waive the transaction limits of three million Singapore dollars ($2.2 million) for any price service and the 6 million SG$ ($4.4 million) monthly transaction cap for two or more price companies and products, other than e-cash story issuance and cash-altering companies and products.
HashKey’s CEO, Li Liang, emphasised the firm’s point of curiosity on regulatory compliance and expressed satisfaction with the in-precept approval as it brings them closer to their vision of offering a regulated OTC trading solution.
“Regulatory compliance has repeatedly been a first-rate precedence for us. With this in-precept approval, we’re elated to switch a step closer to our vision of offering a complete and regulated OTC trading solution that helps a huge series of digital price tokens and fiat currencies for our shoppers,” Liang said.
Honest nowadays, main gamers, equivalent to Coinbase, BitGo, and Ripple, secured MPI licenses in Singapore. These institutions are drawn by the country’s proactive regulatory framework aimed at offering readability and fostering the crypto industry’s boost.
This regulatory surroundings has positioned it as a most common vacation situation for digital asset corporations in search of world expansion alternatives.
Of display conceal, 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 permits the firm to fabricate fund management companies and products within the country.
