HashKey Group’s OTC trading arm is the latest cryptocurrency company to receive a payment license from the Monetary Authority of Singapore. The license, introduced under the Payment Services Act 2019, allows the company to offer “digital payment token” services in the Southeast Asian city-state.
“This significant achievement demonstrates HashKey OTC’s continued position as a leading provider of regulated OTC trading,” the company said in a statement, adding that it underscores the company’s commitment to achieving regulatory compliance.
In February, HashKey received in-principle approval for a major payment institution license. Previously, it operated under a regulatory exemption to provide spot trading, fiat currency on-ramp and settlement services.
Founded in Hong Kong in 2018, HashKey Group is a financial services company providing cryptocurrency services across Asia through exchanges, asset management, node operations, tokenization and NFTs. It also has offices in Singapore, Japan and Bermuda.
Growing Crypto Hub
Singapore has emerged as a leading global hub for cryptocurrencies. It is home to the long-anticipated TOKEN2049 conference and is one of the first countries to issue legislation and tax guidelines specifically tailored to cryptocurrencies.
The Payment Services Act regulates certain cryptocurrency trading and exchange services, although it does not issue tokens. In 2020, the country became compliant with the FATF’s so-called “travel rule,” which sets KYC and surveillance standards to prevent money laundering and terrorist financing.
Some of the biggest brands in the industry, including Binance, Coinbase, and Crypto.com, have their headquarters or regional offices in the country, which was recently ranked second by the World Bank. Ease of Doing Business Index There is no capital gains tax.
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