SINGAPORE - Hong Kong-based digital asset group Hashkey’s over-the-counter trading arm has received in-principle approval to provide cryptocurrency services here.

HashKey Technology Services was granted the approval by the Monetary Authority of Singapore (MAS) for its major payment institution licence application.

Currently, HashKey’s over-the-counter trading operates under an exemption from holding a licence for the provision of digital payment token services for a specified period.

It provides institutional and accredited investors services such as spot trading of close to 40 digital payment tokens as well as on- and off-ramp services.

On-ramp refers to the process of exchanging fiat currency like United States dollars for cryptocurrencies, while off-ramp refers to the process of exchanging cryptocurrencies for fiat currency.

Mr Li Liang, chief executive of this trading arm, said: “With this in-principle approval, we’re pleased to move a step closer to our vision of providing a comprehensive and regulated over-the-counter trading solution that supports a wide range of digital payment tokens and fiat currencies for our clients.”

This development follows the issuance of MAS’ capital markets services licence for fund management to HashKey Capital Singapore in December 2023.

HashKey Capital Singapore is part of HashKey Singapore, which covers venture capital investment, fund management and over-the-counter trading of digital assets.