There is a growing interest in cryptocurrencies around the world, and regulations continue to mature in the Asian region. Many countries have established their own crypto rules and announced the licenses that companies serving investors must obtain. Companies that apply for these licenses are accelerating the adoption of crypto in the region by legally providing services.
HashKey License Approval Received
HashKey Group’s OTC services arm, HashKey Technology Services, has received principle approval for the necessary “major payment license (MPI)” to offer crypto and digital fiat currency services. The approval granted by the Monetary Authority of Singapore on February 28th is significant for moving to the next phase.
HashKey OTC CEO Li Liang said;
“With this principle approval, we are one step closer to offering a comprehensive and regulated OTC trading solution that supports a wide variety of digital payment tokens and fiat currencies.”
HashKey OTC is currently operating under a license exemption in Singapore and is one of the most significant crypto players in the Asian region. We have witnessed that the listings on its platform, which serves especially Hong Kong citizens, have triggered serious price increases. The main reason for this is the opportunity for the related tokens to open up to the region along with the accelerating adoption in Asia.
Asia and Cryptocurrencies
HashKey OTC currently provides services to accredited investors and financial institutions with liquidity support for 40 limited cryptocurrencies. In December 2023, MAS granted HashKey OTC a Capital Market Services license. MPI licensed firms have the opportunity to provide services without any transaction limit for any payment service. Others have a transaction limit of 3 million Singapore dollars (approximately 2.2 million USD).
HashKey Group currently operates one of the two licensed crypto exchanges for trading crypto assets in Hong Kong. In June 2023, Hong Kong OSL Exchange and HashKey were granted a license to operate an exchange, opening the doors of crypto to individual investors.
HashKey Group recently received an investment of 100 million dollars, valuing the company at 1.2 billion dollars, and ascended to the Unicorn segment. HashKey’s business manager Livio Weng has announced their intention to offer a spot Bitcoin ETF product in Hong Kong in the future.
