HashKey Group Achieves Payment License in Singapore

HashKey Group’s over-the-counter trading arm has received a payment license from the Monetary Authority of Singapore under the Payment Services Act of 2019. This license enables firms to offer ‘digital payment token’ services in Singapore.

“This significant achievement solidifies HashKey OTC’s position as a leading provider of regulated OTC trading,” the firm stated, highlighting its commitment to regulatory compliance.

In February, HashKey received in-principle approval for the Major Payment Institution license after previously operating under a regulatory exemption for spot trading, fiat onramps, and settlement services.

Founded in 2018 in Hong Kong, HashKey Group offers crypto services across Asia through its exchange, asset management, node operation, tokenization, and NFT units. The company has additional offices in Singapore, Japan, and Bermuda.

A Growing Crypto Hub

Singapore has become a prominent global hub for cryptocurrencies, hosting events like the TOKEN2049 conference and being one of the first nations to enact cryptocurrency-specific legislation and tax guidance.

The Payment Services Act governs certain crypto trading and exchange services but not token issuance. In 2020, Singapore aligned with FATF’s “Travel Rule,” adhering to KYC and surveillance standards aimed at combating money laundering and terrorist financing.

Major industry players, such as Binance, Coinbase, and Crypto.com, have established operations in Singapore. The country ranked second-highest in the World Bank’s Ease of Doing Business index and imposes no capital gains tax.