The Monetary Authority of Singapore (MAS) continues to ensure that crypto firms operating in its region, do so under regulations. Hong Kong virtual asset manager HashKey Capital is the latest to bag an in-principle approval from the Singapore central bank.
The license which is only a provisional approval for the Capital Market Service was announced at Singapore Fintech Festival 2022. Once the permanent license is granted, HashKey Capital will operate as a licensed fund management company in the Singaporean region.
Also, the virtual asset management company believes that the license will strengthen its presence and deepen its root in Asia. HashKey Capital is taking this strategic step to bring digital assets closer to mainstream institutional adoption and to accredited investors.
Singapore as a nation is looking to tighten its regulations around crypto investments with the aim of discouraging retail investors. To achieve this feat, MAS intended to impose restrictions on crypto trading owing to the risk involved in the industry.
HashKey Capital Contributes to Web3.0 Ecosystem
“Singapore is quickly becoming the region’s epicenter of Web3 innovation. Being recognized 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, Chief Executive Officer of HashKey Capital Singapore.
Remarkably, the firm has been seeking meaningful approaches to provide contributions that will propel the Web3.0 industry even further.
Two months ago, HashKey Capital received an upgraded version of its Type 9 license for asset management in Hong Kong. The Securities and Futures Commission (SFC)-issued license of Hong Kong permits HashKey to run a 100% virtual assets portfolio.
HashKey boasts of having about $1 billion in assets under management (AUM), precisely clients’ funds, and invests in blockchain technology.
So far, the HashKey investment division has contributed to over 500 international projects including Non-fungible tokens (NFTs), and the Metaverse. Likewise, the Hong Kong and Singapore-based firm delves into Layer 1 protocols, crypto finance, as well as Web3.0 infrastructure.