HashKey’s over-the-counter trading arm has been granted the Major Payment Institution license from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019.
With the grant of the license, HashKey OTC now offers regulated digital payment token (DPT) services, which solidifies its position as a leading provider of regulated OTC trading in respect of DPT in Singapore.
Following the in-principle approval in late February this year, the license approval underscores HashKey OTC’s commitment to regulatory compliance and operational excellence.
“Comprehensive and regulated OTC trading solutions for DPT”
Li Liang, CEO of HashKey OTC, said: “With the Major Payment Institution license granted by MAS, HashKey OTC is now poised to offer comprehensive and regulated OTC trading solutions for DPT.”
HashKey OTC had previously been operating under an exemption from holding a license under the Payment Services Act 2019 for the provision of DPT services, and it is able to support spot trading, on/off ramp trades, and large notional trades with swift settlement options.
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With the Major Payment Institution license secured, HashKeyOTC looks forward to enhancing its offerings and contributing to the vibrant digital asset ecosystem.
HashKey Global launched futures trading
HashKey Global recently launched futures trading. In the initial phase, the platform will support BTC and ETH with the potential of up to 10x leverage.
As a mature type of derivatives trading, futures trading has a huge demand in the crypto market. However, due to the lack of effective regulation, there are still widespread issues in the market such as platforms trading against their customers and abusive trading causing significant losses for consumers. These practices have long been criticized by the global crypto community.
HashKey Global, regulated by the Bermuda Monetary Authority (BMA), aims to address these issues by ensuring that customer assets and data are stored separately and independently. The platform does not engage in counterparty trading with customers, thereby reducing the risk of price manipulation and customer losses.
Users participating in futures trading can join the liquidity mining activity to share a prize pool of millions of HSK rewards, maximizing the potential value of their assets. Users will earn 0.3 HSK for every 1,000 USDT traded, and those trading via API can compete for weekly transaction volume rankings, with top prizes reaching up to 300,000 HSK.
Additionally, HashKey Global is launching a “100% Invitation Rebate on Futures Trading” campaign. During the promotion period, users will receive 100% of the transaction fees generated by their invited users on perpetual futures trades (non-API transactions) as a rebate reward. The rebate will be converted into HSK and distributed according to the campaign rules.
