In its February 28 update, the famous crypto exchange in Hong Kong, Hashkey, secured a major payment license (MPI) in Singapore. The approval of the Hashkey license demonstrated the company’s commitment to comply with the regulatory requirements.
News concerning the approval of the crypto exchange in-principal license by the Monetary Authority of Singapore (MAS) was shared by the HashKey over-the-counter trading division.
HashKey Obtain In-Principal License in Singapore
Having been ranked among the reputable and reliable exchanges, the MPI license allows the crypto exchange to offer diverse digital assets products and services that meet the needs of retail and institutional customers.
The approval of the MPI license came months after MAS greenlighted HashKey’s full capital market services (CMS) license. According to the report, the CMS license granted the crypto exchange power to offer fund management services to Singaporean customers.
A statement from the chief executive of Hashkey OTC, Li Liang, confirmed that the approval of the in-principle license marked a significant milestone for the crypto exchange to offer a comprehensive OTC trading solution and operate as a regulated entity in Singapore.
The CEO confirmed that obtaining the in-principal license allows the crypto exchange to offer a wide range of crypto products. Liang confessed that before the approval of the in-principal license, Hashkey OTC operated under the license exemption for a specific time.
A review of the HashKey OTC website demonstrated that the crypto exchange has been providing cutting-edge services to accredited customers. Also, the Hashkey team offered end-to-end solutions to financial institutions, facilitating spot trading for 40 crypto assets.
HashKey Expand to Singapore
The crypto exchange offers adequate liquidity and fiat-to-crypto services to diverse users. Besides offering world-class crypto services, HashKey has been seeking to operate compliantly amid the heightened regulatory scrutiny for digital assets.
Guided by the MAS requirement, the Hashkey team has been allowed to conduct payment services within transaction limits. Typically, the MAS imposes a transaction limit of $2.2 million for crypto firms without the MPI license.
This restriction forced HashKey to comply with the regulatory requirements and operate within the legal framework in Singapore. The approval of the HashKey MPI license positions the crypto exchange among the compliant firms.
A few months ago, the MAS approved the MPI of the Upbit and OSL crypto exchange. The approval of MPI demonstrated that the crypto exchange has fully met the regulatory requirement in Singapore.
Also, the greenlighting of the crypto license enabled the firm to build legitimacy and trust in the vibrant crypto market. The attempt to gain considerable market dominance in Hong Kong compelled the HashKey team to complete the licensing regime in a crypto-friendly state.
Suitability of Singaporean Market
In January, HashKey closed a $100 million series A funding round that propelled the firm’s value to $1.2 billion. Shortly after the funding round, the HashKey team partnered with FTSE Russel to launch three indices for tracking the performance of digital assets.
In an interview with the HashKey official, the crypto exchange confirmed that the newly launched index will be added to the investment portfolio of investors seeking to gain crypto exposure.
The representative argued that the FTSE Custom Digital Asset Top 20 Index will assist the HashKey team in monitoring the performance of 20 crypto assets.
However, the expansion of HashKey to Singapore came at a time when the government was imposing restrictive measures on certain crypto products. In an earlier report, the MAS revealed plans to restrict the listing of the spot Bitcoin ETF for retail investors.
