HashKey Technology Services (HashKey OTC), the over-the-counter trading arm of HashKey Group, has been granted a Major Payment Institution license by the Monetary Authority of Singapore (MAS).
This license enables HashKey OTC to provide digital payment token (DPT) services in Singapore.
The approval follows an in-principle approval received in late February.
Previously, HashKey OTC operated under an exemption from holding a license under the Payment Services Act 2019.
HashKey OTC supports spot trading, on/off ramp trades, and large notional trades with swift settlement options.
“With the Major Payment Institution license granted by MAS, HashKey OTC is now poised to offer comprehensive and regulated OTC trading solutions for DPT,”
said Li Liang, CEO of HashKey OTC.
The HashKey Group which operates a licensed cryptocurrency exchange in Hong Kong, recently closed its Series A funding round in January 2024, raising nearly US$100 million.
This pushed the company’s valuation to over US$1.2 billion, earning it a unicorn badge
