The HashKey Group’s over-the-counter (OTC) trading division has officially been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This marks a significant milestone in the firm’s expansion across Asia and reinforces Singapore’s growing reputation as a globally recognized hub for regulated digital asset activities.
As one of the most stringent financial regulators in the world, MAS issues the MPI license under the Payment Services Act (PSA) of 2019, which provides a comprehensive legal framework for companies offering digital payment token (DPT) services. With this approval, HashKey OTC is now fully authorized to conduct regulated crypto transactions, including buying, selling, and exchanging digital assets against fiat currencies within Singapore.
👉 Discover how top-tier compliance is reshaping crypto trading standards.
Strengthening Regulatory Compliance and Market Trust
In a public statement, HashKey emphasized that the license underscores its long-term commitment to regulatory adherence and institutional-grade security. “This achievement solidifies HashKey OTC’s position as a leading regulated OTC provider in Asia,” the company said. “We remain dedicated to building a compliant, transparent, and secure trading environment for institutional clients and high-net-worth individuals.”
Prior to receiving full licensure, HashKey operated under a regulatory exemption while serving clients with spot trading, fiat on-ramps, and settlement solutions. The company first received in-principle approval from MAS in February 2025 — a critical step that signaled confidence in its anti-money laundering (AML), know-your-customer (KYC), and cybersecurity frameworks.
The final MPI license allows HashKey OTC to scale its operations with enhanced credibility, offering services such as large-volume crypto trades, custodial solutions, and cross-border payments — all within a fully auditable and legally compliant structure.
Expanding Footprint Across Asia’s Financial Hubs
Founded in 2018 and headquartered in Hong Kong, HashKey Group has emerged as a key player in Asia’s digital asset ecosystem. The company operates across multiple verticals, including a licensed cryptocurrency exchange, asset management platforms, blockchain node operations, tokenization services, and NFT infrastructure.
Beyond Hong Kong, HashKey maintains strategic offices in Singapore, Japan, and Bermuda, allowing it to navigate diverse regulatory landscapes while serving global clients. Its presence in Singapore positions it at the heart of Southeast Asia’s fintech innovation corridor, where access to capital, talent, and forward-thinking policies converge.
Singapore’s pro-innovation regulatory stance continues to attract major players in the blockchain space. Alongside HashKey, global giants like Coinbase, Crypto.com, and others have established regional headquarters or significant operations in the city-state.
Why Singapore Is a Crypto Innovation Leader
Singapore has systematically built itself into one of the world’s most trusted environments for blockchain and cryptocurrency businesses. Several factors contribute to this status:
- Clear regulatory guidelines: The PSA provides clarity on licensing requirements for DPT service providers.
- FATF Travel Rule compliance: Since 2020, Singapore has enforced strict customer data sharing protocols between VASPs (Virtual Asset Service Providers) to combat financial crime.
- No capital gains tax: This makes the country especially attractive for traders and investors.
- High ease of doing business: Ranked second globally in the World Bank’s Ease of Doing Business Index.
- TOKEN2049 and industry events: The annual TOKEN2049 conference draws thousands of developers, founders, and investors, cementing Singapore’s role as a thought leadership center.
These elements combine to create a fertile ground for innovation — not just in trading, but in decentralized finance (DeFi), Web3 infrastructure, and institutional-grade blockchain applications.
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Core Keywords Integration
Throughout this evolution, digital payment tokens, regulated OTC trading, MAS licensing, crypto compliance, institutional crypto services, Payment Services Act, Singapore fintech, and blockchain regulation have become central themes shaping the region's growth trajectory. HashKey’s licensing success exemplifies how alignment with these principles can unlock sustainable market access.
Frequently Asked Questions (FAQ)
Q: What is the Payment Services Act (PSA) in Singapore?
A: Enacted in 2019, the PSA regulates payment services, including digital payment token transactions like crypto-to-fiat exchanges. It requires providers to obtain licenses from MAS and comply with AML/CFT (anti-money laundering/countering the financing of terrorism) obligations.
Q: What does a Major Payment Institution (MPI) license allow?
A: An MPI license permits companies to offer designated payment services with higher transaction limits than standard licenses. For crypto firms, this includes large-scale OTC trading, wallet services, and cross-border transfers involving digital assets.
Q: Is HashKey Exchange also licensed in Singapore?
A: While this license applies specifically to HashKey’s OTC trading unit, the broader HashKey Group operates under various regulatory frameworks across jurisdictions. However, there is no public indication yet that its exchange arm holds a separate MAS license.
Q: How does MAS supervision benefit crypto users?
A: MAS-regulated entities must adhere to rigorous capital adequacy, risk management, and consumer protection standards. This reduces counterparty risk and increases trust among institutional and retail participants alike.
Q: Can other countries use Singapore’s model for crypto regulation?
A: Yes. Many nations look to Singapore as a blueprint due to its balanced approach — fostering innovation while maintaining financial integrity. Its clear rules and enforcement mechanisms offer a replicable framework for emerging crypto hubs.
Q: Does Singapore regulate ICOs or token offerings?
A: While the PSA covers crypto trading and exchange services, initial coin offerings (ICOs) fall under securities law administered by MAS. Projects involving investment contracts may require prospectus registration or exemptions under existing capital markets regulations.
The approval of HashKey’s OTC division reflects a broader trend: institutional demand for compliant, transparent digital asset infrastructure is rising — and regulated markets are answering the call.
With increasing scrutiny on global crypto platforms, having a license from a respected authority like MAS isn’t just a legal requirement — it’s a competitive advantage. As more firms seek legitimacy through formal oversight, Singapore remains at the forefront of defining what responsible innovation looks like in the decentralized era.
👉 Learn how secure, compliant platforms are setting new industry benchmarks.