HashKey Technology Services, the over-the-counter trading arm of Hong Kong-based digital asset group Hashkey, has received preliminary approval from the Monetary Authority of Singapore (MAS) to provide cryptocurrency services in Singapore.
The platform, which offers spot trading of nearly 40 digital payment tokens and on- and off-ramp services for institutional and accredited investors, was granted an in-principle approval by MAS for its primary payment institution license application.
The company offers institutional and accredited investors services like spot trading for different types of cryptocurrencies.
Mr. Li Liang, chief executive of this trading arm, stated: “With this in-principle approval, we’re pleased to move a step closer to our vision of providing a comprehensive and regulated over-the-counter trading solution that supports a wide range of digital payment tokens and fiat currencies for our clients.”
With this in-principle approval, the platform is one step closer to its vision of providing a comprehensive, regulated, over-the-counter trading solution that supports a wide range of digital payment tokens and fiat currencies for its clients.
Last month, Its parent company, HashKey Group, got the unicorn status after reaching a
$100 million Series A funding round at a valuation of $1.2 billion.
The platform is part of HashKey Singapore, which covers venture capital investment, fund management, and over-the-counter trading of digital assets. The development follows the issuance of MAS’ capital markets services license for fund management to HashKey Capital Singapore in December 2023.
The HashKey Group has one of the only two crypto exchanges in Hong Kong that are licensed for virtual assets trading.
During the last few years, Singapore has become an attractive destination for crypto companies thanks to the country’s initiatives to become a crypto hub.
The MAS has been playing a crucial role in developing a crypto-friendly country for the cryptocurrency industry in Singapore.
