HashKey OTC, the over-the-counter trading department of HashKey Group, has received principle approval for its main payment institution license application from the Monetary Authority of Singapore, supporting digital payment token services. Currently, HashKey OTC operates under a license exemption for providing digital payment token services within the stipulated period, providing services to institutions and qualified investors, including spot trading for nearly 40 digital payment tokens, deposit and withdrawal services, large-scale transactions, the fastest T+0 settlement, and customer service provided through voice and instant messaging. Li Liang, CEO of HashKey OTC, said that obtaining principle approval from a globally renowned regulatory agency is a significant achievement, marking an important step for them in regulatory compliance. Their long-term vision is to provide customers with a regulated over-the-counter trading solution that fully supports various digital payment tokens and fiat currencies.

The Monetary Authority of Singapore is taking steps to regulate digital assets more effectively by seeking broader investigative powers to crack down on unregulated digital products like BTC futures. The Financial Institutions (Miscellaneous Amendments) Bill (FIMA) was moved for its first reading in parliament on January 10, specifically cracking down on Capital Markets Services License (CMSL) holders. CMSL holders have the flexibility to partake in unregulated ventures, posing potential contagion risks to their regulated activities. The FIMA bill authorizes the MAS to issue written directives drawing up minimum standards and safeguards when CMSL holders engage in unregulated businesses to secure an equilibrium between their freedom and mitigating potential risks.

On January 10th, according to the Monetary Authority of Singapore (MAS), the Singapore "2024 Financial Institutions (Miscellaneous Amendments) Bill" (FIMA Bill) has been submitted to Parliament for first reading, proposing to expand the power of the financial regulator to issue directives to Capital Markets Services License holders (CMSL holders) who engage in unregulated activities. CMSL holders may engage in unregulated activities, such as offering products not regulated by MAS (such as bitcoin futures traded on overseas exchanges and other payment token derivatives).

CertiK, a global leader in blockchain security, recently introduced stablecoin security auditing and compliance consulting services, aimed at bolstering the safety of stablecoins and advancing Web3.0 technology applications. The firm provided expert advice on the regulatory framework for stablecoins to the Monetary Authority of Singapore (MAS), earning recognition. Their services include smart contract auditing and blockchain security evaluations, meeting compliance requirements across various regions globally, and fostering innovation and safety in the stablecoin sector.

Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), has stated that cryptocurrencies have failed as a medium of exchange or store of value and will eventually leave the scene. Menon believes that the future monetary system will consist of central bank digital currencies (CBDCs), tokenized bank liabilities, and regulated stablecoins. MAS has invested in the development of a regulatory framework for stablecoins, but the legislative amendments for the stablecoin regulatory framework will not be ready for at least a year.

Singapore has announced new measures to tighten crypto regulations in order to protect retail investors from risky practices. The measures will be rolled out in phases from mid-2024 and will include a ban on the use of locally issued credit cards to purchase cryptocurrencies, as well as a prohibition on offering free tokens, trading credits, and leveraged trading as incentives for new sign-ups and referrals. The Monetary Authority of Singapore (MAS) believes that such promotional bonuses may trigger risky trading behavior among clients, potentially inducing harmful practices among retail investors. However, the MAS also acknowledges that tighter regulations are not enough to fully protect customers from the inherent uncertainties of the crypto market, and urges consumers to exercise caution when dealing with unregulated and overseas entities.