The Singapore unit of Hong Kong-based digital asset firm Hashkey has been given a full capital markets services license by the Republic’s regulator.
On December 19, HashKey Capital Singapore touted this as a “pivotal development” that allows the firm to provide regulated fund management services, principally with respect to capital markets products from its Singapore headquarters.
HashKey shines success through Singapore
HashKey sought for a license from the Monetary Authority of Singapore (MAS) in late 2021. According to the company, there are intentions to form a regulated fund and offer capital market goods to local customers.
The MAS CMS license recognizes HashKey Capital Singapore as a licensed fund management company (LFMC). This significant advancement allows HashKey Capital Singapore to provide regulated fund management services, mainly in regard to capital markets products, from its Singapore headquarters.
The CMS license allows the Capital Singapore arm to make major contributions to the local blockchain community, marking a significant step forward in the company’s commitment to bringing blockchain-related capital markets products and investments closer to mainstream institutional use.
Mr. Deng Chao, CEO of HashKey Capital Singapore and Head of HashKey Singapore, remarked on the accomplishment, saying:
Securing the CMS license from the MAS marks a defining moment for HashKey Capital and the vibrant Web3 landscape in Singapore. As a licensed fund management company, we are committed to contributing to the local blockchain community and playing our part in shaping its future.
Singapore’s innovative spirit aligns with our mission, and we’re excited to propel blockchain-related capital markets products and investments further into the mainstream, offering new possibilities for institutional and accredited investors.
Mr. Deng Chao
HashKey Singapore, comprising HashKey Capital Singapore, maintains an approximate workforce of 40 people who are engaged in fund management, venture capital investment, and digital asset over-the-counter trading.
The license comes after the crypto entity completed a funding round totaling US$500 million (S$666 million).
Crypto adoption and revolution moves to Asia
The crypto industry and its investors have moved to Asia and the Middle East following regulatory upheavals in America and Europe. HashKey Capital, founded in 2015, is one of Ethereum‘s leading crypto asset managers and the first institutional investor.
Since its establishment, it has handled over $1 billion in client assets, with investments in over 500 infrastructure, tools, and applications projects. According to the freshly acquired capital markets services license, the crypto entity is ready to expand its reach in the fund management area, notably focusing on blockchain-related investments.
The license establishes the regulatory framework required for the firm to perform fund management services within the legislative parameters established by the Monetary Authority of Singapore.
Following the acquisition of this license, the entity is well-positioned to offer regulated fund management services for several blockchain assets in the thriving city-state.
The CMS license demonstrates the company’s commitment to fueling local growth in Singapore. The entity’s Capital arm in Singapore is dedicated to enhancing the Singaporean financial landscape by harnessing its enormous global resources. This endeavor is consistent with its objective of fostering a healthy convergence of traditional and digital financial ecosystems.
As HashKey continues its financial journey, the regulatory approval serves as a foundation for its future endeavors, providing a stable framework for the company to excel in the dynamic and ever-changing world of Web3-focused investments.
