MAS grants the Major Payment Institution to HashKey’s OTC trading arm

The Monetary Authority of Singapore (MAS) recently granted the Major Payment Institution license to HashKey’s over-the-counter trading arm.

HashKey OTC gains the official Major Payment Institution license

The MAS granted HashKey the license under the Payment Services Act 2019, and now with the license in its possession, HashKey OTC will be able to legally offer regulated digital payment token (DPT) services.

With this new development, HashKey will be able to also solidify its position as the leading provider of regulated OTC trading concerning DPT in Singapore. Previously, HashKey OTC received the in-principle approval in late February 2024, and now, the approval of the full license serves to underscore the company’s commitment to regulatory compliance and operational excellence.

HashKey OTC’s CEO, Li Liang, commented on the license approval, saying that the major Major Payment Institution license will allow HashKey OTC to position itself as a company that can offer comprehensive and regulated OTC trading solutions for DPT. So far, the company operated under an exemption from holding a license under the Payment Services Act 2019.

Given the circumstances, the firm could only offer spot trading, on/off ramp trades, as well as some large notional trades with swift settlement options. However, the new license will increase its capabilities considerably, allowing the company to enhance its offerings and contribute to the vibrant digital asset ecosystem.

Other major developments at HashKey

It is also worth noting that HashKey Global recently launched futures trading. While it is still in its initial phase, the platform will only support BTC and ETH, with the potential of up to 10x leverage. However, futures trading represents a mature type of derivatives trading, and as such, it is in huge demand in the crypto market right now.

The problem is the lack of effective regulation, which is why there are still widespread issues in the market. For example, some platforms trade against their customers. Then, there is abusive trading that causes customers to suffer major losses. While the global crypto community has been criticizing such practices for a long time, they still need to be removed through proper laws and regulations.

This is where HashKey Global enters the picture. The firm was regulated by the Bermuda Monetary Authority (BMA), and it intends to address these burning problems. The firm’s goal is to ensure that customer data and assets are stored separately and independently, for extra security.

The platform also does not engage in counterparty trading with customers, and as a result, there is a considerably reduced risk of price manipulation and customer losses. Furthermore, users who join futures trading can also participate in liquidity mining, and share a prize pool of millions of HSK rewards. That way, they can maximize the potential value of their assets.

Finally, HashKey Global is in the process of launching a 100% Invitation Rebate on Futures Trading campaign. During the campaign’s promotion period, users will receive 100% of the transaction fees that are generated by their invited users on perpetual futures trades.