Coinspeaker HashKey OTC Secures Major Payment Institution License in Singapore
HashKey OTC, the over-the-counter trading branch of HashKey Group, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Announced on August 2, 2024, this license allows HashKey OTC to broaden its digital payment token (DPT) services in accordance with the Payment Services Act 2019.
Expanded Service Capabilities
The MPI license allows HashKey OTC to provide a broad array of regulated trading services for digital payment tokens. Previously, HashKey OTC operated under an exemption, offering services like spot trading and large transactions with quick settlements. The new MPI license enables the company to expand its offerings to include comprehensive services such as cross-border transfers with no restrictions on transaction volume.
🚨 HashKey OTC Secures Major Payment Institution Licence from MAS 🚨
We’re thrilled to announce that HashKey OTC has been granted the Major Payment Institution licence from the Monetary Authority of Singapore (MAS), enabling us to offer fully regulated digital payment token…
— HashKey OTC (@HashKeyOTC) August 2, 2024
Li Liang, CEO of HashKey OTC, highlighted that the new license positions the company to provide a more extensive suite of regulated trading services. Although specific new services have not been detailed yet, the license significantly enhances HashKey OTC’s operational capabilities.
Regulatory Context and Industry Impact
The MPI license is part of Singapore’s broader regulatory framework aimed at overseeing digital asset businesses. To date, the MAS has issued MPI licenses to 26 companies in the cryptocurrency sector, including major players like Coinbase and Ripple. This framework ensures that only qualified entities operate within Singapore’s financial system, fostering a secure environment for digital asset transactions.
In recent developments, the MAS has also heightened its scrutiny of digital payment token services, raising their risk profile from “medium-low” to “medium-high.” This adjustment reflects growing concerns about potential misuse while recognizing that concrete evidence of such misuse remains scarce.
HashKey Global’s Recent Strategic Partnerships
HashKey Group is actively pursuing strategic partnerships to strengthen its market position. The firm has inked several deals with key industry players in the past few months.
Earlier this year, HashKey Global announced a partnership with Solidus Labs, a leader in crypto-native compliance and security. This collaboration is set to enhance HashKey Global’s surveillance capabilities across its spot and derivatives markets. Solidus Labs’ technology will enable advanced trade monitoring and real-time alerting to detect and address suspicious activities effectively.
In another development, HashKey Group partnered with the TON Foundation to enhance the integration of cryptocurrency and fiat services across the Asia-Pacific region. This collaboration aims to deliver streamlined on- and off-ramping solutions for users of the TON blockchain and the Telegram messaging app.
Most recently, HashKey Cloud teamed up with the Aptos Foundation to advance blockchain application development. This partnership will leverage HashKey’s decentralized identity solution, HashKey DID, which integrates multi-chain capabilities, smart contracts, NFTs, and privacy protection. The collaboration aims to enhance identity verification across platforms, offering users more control and security over their digital identities.
These partnerships are a strategic move by HashKey Group to broaden its service offerings and strengthen its position in the competitive digital asset market.
next
HashKey OTC Secures Major Payment Institution License in Singapore