Hong Kong crypto group’s trading arm gets Singapore digital asset licence
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HashKey Technology Services will be able to beef up its crypto trading offerings with the full licence.
PHOTO: REUTERS
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SINGAPORE - The trading arm of Hong Kong-based digital asset group HashKey has been granted a Singapore licence that allows it to offer digital payment token services.
HashKey Technology Services, which is the over-the-counter trading arm of HashKey Group, on Aug 2 said with the major payment institution, it can offer a comprehensive suite of crypto trading solutions.
The full licence granted by the Monetary Authority of Singapore (MAS) comes five months after the firm received an in-principle approval in late-February.
Previously, HashKey Technology Services operated under an exemption from holding a licence, where it supported spot trading, on- and off-ramp trades, and large notional trades with swift settlement options.
On-ramp refers to the process of exchanging fiat currency like US dollars for cryptocurrencies, while off-ramp refers to the process of exchanging cryptocurrencies for fiat currency.
In December 2023, MAS issued a capital markets services licence for fund management to HashKey Capital Singapore.
HashKey Capital Singapore is part of HashKey Singapore, which covers venture capital investment, fund management and over-the-counter trading of digital assets.
