HashKey OTC, the over-the-counter trading arm of HashKey Group, has received an in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution license (MPI), according to a statement shared with The Block.

The MPI license approval paves the way for HashKey OTC to provide regulated digital payment token services in Singapore. "Regulatory compliance has always been a top priority for us. With this in-principle approval, we’re pleased to move a step closer to our vision of providing a comprehensive and regulated OTC trading solution that supports a wide range of digital payment tokens and fiat currencies for our clients," HashKey OTC CEO Li Liang said.

HashKey OTC's services in Singapore

HashKey OTC currently operates in Singapore under an exemption allowing it to provide digital payment token services without the need for a license for a specified period.

The exemption period allows HashKey OTC to offer institutional and accredited investors services, including spot trading of nearly 40 digital payment tokens with deep liquidity, on/off ramp services, and execution of large notional trades.

According to Wednesday's statement, the in-principle approval of HashKey OTC's MPI license application comes after the Monetary Authority of Singapore (MAS) issued a Capital Markets Services license for fund management to HashKey in December 2023.

HashKey Capital launches three crypto indices

In January, HashKey Capital and FTSE Russell, a London Stock Exchange subsidiary, launched three indices that track crypto asset performances. In a statement shared with The Block, HashKey said that the three indices are designed for investors who seek to add crypto exposure to their investment portfolios.

As that statement outlines, the FTSE Custom Digital Asset Top 20 Index aims to monitor the top 20 cryptocurrencies by market capitalization. Additionally, the FTSE Custom Digital Asset Infrastructure Index is designed to follow digital assets constituting the industry's infrastructure, whereas the FTSE Custom Digital Asset Application Index focuses on tracking crypto assets that possess application functionalities.

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About Author

Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].