HashKey OTC Receives In-Principal Approval For Major Crypto Payment License In Singapore

HashKey, a prominent Hong Kong-based cryptocurrency exchange, has achieved a significant milestone by obtaining an in-principal approval major payment license in Singapore. Notably, this development underscores the growing trend of regulatory compliance within the crypto industry, especially amidst heightened scrutiny worldwide. Also, the approval of the license comes after the crypto exchange received the full capital markets services license from the Monetary Authority of Singapore (MAS) in December 2023.

HashKey OTC’s Regulatory Triumph In Singapore

In a recent blog post, HashKey Group announced that its over-the-counter trading arm, HashKey OTC, has received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution license application. Notably, this milestone positions HashKey OTC closer to providing regulated digital payment token services in Singapore, marking a significant achievement in regulatory compliance.

In addition, the approval also sparked optimism among the global crypto market enthusiasts, especially amid the growing uncertainties over crypto regulations worldwide.

Meanwhile, Li Liang, CEO of HashKey OTC, expressed the company’s commitment to regulatory adherence, highlighting the approval as a pivotal step towards offering comprehensive and regulated OTC trading solutions for clients. Notably, HashKey OTC currently operates under an exemption but aims to expand its services to include digital payment token services under the newly acquired license.

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Strategic Expansion And Singapore’s Crypto Stance

This achievement follows HashKey’s previous success in securing a capital markets services license for fund management in Singapore in December 2023. The company’s relentless pursuit of regulatory approvals reflects its dedication to operating within the legal framework while providing innovative crypto solutions.

In addition, HashKey’s accomplishment aligns with the broader regulatory landscape in Singapore, where crypto firms are navigating stringent requirements to establish legitimacy and trust within the market. In other words, the crypto exchange’s success echoes similar milestones achieved by other industry players, such as Upbit Singapore, which recently acquired a Major Payment Institution license.

However, despite Singapore’s reputation as a crypto-friendly jurisdiction, recent decisions by the Monetary Authority of Singapore (MAS) have showcased a cautious approach to certain crypto products. As reported by CoinGape Media earlier, although the Spot Bitcoin Exchange-traded Funds (ETFs) gained approval in the U.S., MAS has prohibited the listing of Spot Bitcoin ETFs for retail investors, citing concerns about the asset’s volatility and suitability for retail investment.

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