HashKey Technology Services Pte. Ltd, the over-the-counter trading arm of HashKey Group, has officially received the Major Payment Institution licence from the Monetary Authority of Singapore (MAS).
This licence, granted under the Payment Services Act 2019, authorises HashKey OTC to provide digital payment token (DPT) services, cementing its status as a regulated leader in Singapore’s OTC trading of digital assets.
The licence approval follows an in-principle nod from MAS earlier this year, reflecting HashKey OTC’s dedication to regulatory compliance and operational integrity. This milestone allows the company to offer a full range of regulated DPT services, further strengthening its market position.
CEO Li Liang expressed confidence in the company’s enhanced capabilities, stating,
“With the Major Payment Institution license from MAS, HashKey OTC stands ready to deliver a suite of regulated and holistic OTC trading solutions for digital payment tokens.”
Before this milestone, HashKey OTC had been operating under an exemption from the Payment Services Act 2019, allowing it to facilitate spot trading, on/off ramp trades, and large notional transactions with efficient settlement processes. Now, with full regulatory approval, the company is set to expand its services and play a pivotal role in the dynamic digital asset ecosystem in Singapore.
This pivotal announcement coincides with two significant developments within the HashKey Group. Plans have been unveiled for the launch of HashKey Chain’s mainnet, an Ethereum layer-2 solution slated for Q4 2024, designed with ZK-proof technology to provide users with cost-effective, efficient on-chain services encompassing trading, investment, and dApp deployment.
In a strategic move on July 30, 2024, HashKey announced an investment in Pluto Studio, the creators of the Telegram-based game Catizen.AI, aiming to enhance collaboration and promote the TON Mini-Game, which has already attracted a user base of over 500,000 paying users, distinguishing it within the TON ecosystem.
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