Crypto Fund Manager Hashkey Receives In-Principle Approval From Singapore
- Singapore arm of popular crypto fund manager Hashkey has received in-principle approval for the Capital Markets Services (“CMS”) license from the Monetary Authority of Singapore (MAS).
- The local arm of Hong Kong-based firm is now a licensed fund management company (LFMC), and the CMS license will allow the firm to conduct fund management services from Singapore.
- In September this year, the firm was granted an uplift of its Type 9 licence for asset management by the Securities and Futures Commission (SFC) of Hong Kong allowing it to manage portfolio 100% o virtual assets.
The crypto industry continues to struggle in a bearish market as general interest in these blockchain-based tokens have declined. However, despite the ongoing crypto winter, the Singapore arm of popular crypto fund manager Hashkey has received in-principle approval for the Capital Markets Services (“CMS”) license from the Monetary Authority of Singapore (MAS).
According to the announcement made by the crypto fund manager based in Hong Kong at the Fintech Festival 2022 on Nov. 4, the local arm of Hashkey is now a licensed fund management company (LFMC), and the CMS license will allow the firm to conduct fund management services from Singapore and “take the next step in bringing digital assets closer to mainstream institutional adoption.”
“Singapore is quickly becoming the region’s epicentre of Web3 innovation. Being recognised by the MAS as a licensed fund management company will allow HashKey Capital Singapore to contribute to and support the local Web3 community, which is considered a significant accomplishment for us. As one of the top Web3 institutional investors in Asia, HashKey Capital is prepared to make additional contributions to help the local Web3 industry grow even more.” said Mr. Deng Chao, CEO, HashKey Capital Singapore.
Additionally, it is also crucial to note that once the CMS license is granted, Hashkey Capital will be able to successfully offer its services to institutional and accredited investors. Furthermore, Mr. Chao believes that its approval from the Singaporean authority will give it an edge over other fund managers and “strengthen the company’s position across Asia and even on a global scale.”
Interestingly, this is not the only regulatory approval that the fund manager has secured in 2022. In September this year, the firm was granted an uplift of its Type 9 licence for asset management by the Securities and Futures Commission (SFC) of Hong Kong which allowed it to be responsible for the management of a portfolio consisting 100% of virtual assets.
Moreover, it is also crucial to note that Hashkey Capital is the first firm to be recognized under Tech@SG programme as a “Recognised Investment Firm”. Tech@SG programme is jointly administered by the Singapore Economic Development Board (EDB) and Enterprise Singapore to help fast-growing startups to hire key talent to grow and expand their business in Singapore.
Interestingly, a report from professional services network headquartered in Amstelveen, Netherlands, and incorporated in London, England, KPMG, stated that the wealthy classes in Hong Kong and Singapore have an increased interest in digital assets. One of the Big Four accounting firms confirmed in its report that over 90% of family offices and high-net-worth individuals (HNWIs) are very leaning towards investing in the digital assets industry.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
