HashKey Group’s over-the-counter （OTC） trading arm has been awarded a payment license by the Monetary Authority of Singapore. This license, under the Payment Services Act of 2019, allows the company to provide “digital payment token” services in Singapore.
Points
- HashKey OTC has received a significant regulatory milestone.
- The license enhances HashKey’s position as a regulated OTC trading provider.
- Singapore is a major global hub for cryptocurrencies.
- The Payment Services Act covers crypto trading and exchange services.
- Major crypto firms are establishing a presence in Singapore.
HashKey Group’s over-the-counter trading arm has become the latest crypto firm to receive a payment license from the Monetary Authority of Singapore. This milestone, achieved under the Payment Services Act of 2019, permits HashKey to offer “digital payment token” services within Singapore.
According to HashKey OTC’s statement, this accomplishment solidifies their status as a leading regulated OTC trading provider, highlighting their commitment to regulatory compliance. In February, HashKey obtained in-principle approval for the Major Payment Institution license, previously operating under a regulatory exemption to offer spot trading, fiat onramps, and settlement services.
Founded in 2018 in Hong Kong, HashKey Group provides a wide array of crypto services across Asia through its exchange, asset management, node operation, tokenization, and NFT units. They also have offices in Singapore, Japan, and Bermuda.
A Growing Crypto Hub
Singapore is emerging as a leading global hub for cryptocurrencies, hosting the renowned TOKEN2049 conference and pioneering legislation and tax guidance tailored to cryptocurrencies. The Payment Services Act regulates certain crypto trading and exchange services but does not cover token issuance. In 2020, Singapore aligned with the Financial Action Task Force’s “Travel Rule,” enhancing KYC and surveillance standards to combat money laundering and terrorist financing.
Several major industry players, including Binance, Coinbase, and Crypto.com, have headquarters or regional offices in Singapore. The country recently ranked second in the World Bank’s Ease of Doing Business index and benefits from the absence of a capital gains tax.