As someone with over two decades of experience in the financial industry, I find HashKey OTC’s recent achievement of securing the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) particularly noteworthy. The expansion of their service capabilities, including cross-border transfers and comprehensive regulated trading services for digital payment tokens, positions them as a key player in the rapidly evolving digital asset market.
As an analyst, I’m thrilled to share that I’ve learned HashKey OTC, the over-the-counter trading arm of HashKey Group, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This recognition underscores our commitment to upholding the highest standards in digital asset trading and payment services within the dynamic financial landscape of Singapore.
On August 2, 2024, it was announced that this license provides HashKey OTC with the opportunity to expand their Digital Payment Token (DPT) services, aligning with the Payment Services Act of 2019.
Expanded Service Capabilities
Under the terms of the MPI license, HashKey OTC is now authorized to extend a wide range of regulated trading services for digital payment tokens. Prior to this, HashKey OTC was operating under an exemption, facilitating activities such as spot trading and large transactions with swift settlements. The acquisition of the MPI license empowers the company to broaden its service portfolio, including supporting cross-border transfers without any limitations on transaction volume.
🚨 HashKey OTC Secures Major Payment Institution Licence from MAS 🚨
We’re excited to share that HashKey OTC has received a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This allows us to provide fully regulated digital payment services for tokens.
— HashKey OTC (@HashKeyOTC) August 2, 2024
Li Liang, HashKey OTC’s CEO, emphasized that the recently acquired license allows the company to offer a wider range of regulated trading options. While the exact new services aren’t specified at this time, this license substantially boosts HashKey OTC’s operational potential.
Regulatory Context and Industry Impact
As a researcher delving into the intricacies of digital asset businesses, I’ve come to understand that the MPI license plays a crucial role in Singapore’s comprehensive regulatory structure. So far, the Monetary Authority of Singapore (MAS) has bestowed MPI licenses upon 26 companies within the cryptocurrency sector. Notable names like Coinbase and Ripple are among those approved. This licensing framework serves to safeguard our financial system by permitting only well-equipped entities to operate within it, thereby creating a secure ecosystem for digital asset transactions.
Lately, the Monetary Authority of Singapore (MAS) has become more vigilant towards digital payment token services, elevating their risk level from “moderate-low” to “moderate-high.” This change indicates increasing worries about possible misuses, while acknowledging that solid proof of such misuses is still sparse.
HashKey Global’s Recent Strategic Partnerships
As an analyst, I can share that I’m proactively seeking out strategic alliances to bolster our competitive edge within the market. Over the past few months, we’ve successfully forged partnerships with some of the industry’s leading figures.
In the course of this year, I’ve been privileged to be part of a strategic alliance between our organization, HashKey Global, and Solidus Labs – a trailblazer in the realm of compliance and security within the cryptocurrency sector. This partnership is designed to fortify HashKey Global’s monitoring capabilities across both its spot and derivatives markets. The technology from Solidus Labs will empower us with sophisticated trade surveillance, allowing for real-time detection and addressing of potentially suspicious activities, thereby enhancing our overall security and compliance posture.
In a new turn of events, HashKey Group has teamed up with the TON Foundation to improve the fusion of cryptocurrency and traditional banking services throughout the Asia-Pacific region. This alliance intends to provide seamless onboarding and offboarding options for users of the TON blockchain and Telegram messaging platform.
As a researcher, I’ve recently been part of an exciting partnership between HashKey Cloud and the Aptos Foundation. Our goal is to propel the advancement of blockchain application development. This collaboration will harness HashKey’s innovative Decentralized Identity Solution (HashKey DID), which encompasses multi-chain functionalities, smart contracts, NFTs, and robust privacy protection. We aim to elevate identity verification across platforms, empowering users with greater control and security over their digital identities.
As a researcher, I might express this as follows: “I’m expanding my service portfolio and solidifying my presence in the competitive digital asset market through these strategic alliances, as part of HashKey Group’s overall strategy.”
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2024-08-02 16:28