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DEC 21, 2023

Crypto fund manager secures capital markets license in Singapore

by CoinNess Global

Digital asset fund manager HashKey Capital Singapore celebrated a significant milestone on Tuesday as it secured a regulatory license from the local regulator and central bank, the Monetary Authority of Singapore (MAS).

‘Pivotal development’

HashKey announced its regulatory success by way of a press release published to its website. This achievement, described by the company as a “pivotal development,” positions the firm to offer regulated fund management services primarily in connection with capital markets products from its Singapore base.
Deng Chao, Chief Executive of HashKey Capital Singapore and Head of HashKey Singapore, expressed the company’s commitment to the local blockchain community, stating:
“As a licensed fund management company, we are committed to contributing to the local blockchain community and playing our part in shaping its future.”

Enabling product launch

Having initiated the licensing process in late 2021, HashKey Capital Singapore now plans to leverage its new status to launch a regulated fund and provide capital market products to local customers. The company envisions connecting blockchain experts and global capital to the local market, contributing to the advancement of the blockchain community in the region.
Chao emphasized the company’s excitement about propelling blockchain-related capital markets products and investments further into the mainstream. This move is expected to open new possibilities for institutional and accredited investors in Singapore.

Hong Kong presence

HashKey Capital falls under the overarching umbrella of Hong Kong-headquartered parent company HashKey Group. Company colleagues in Hong Kong have been busy in 2023, with a number of milestones having been achieved during the year.
HashKey and OSL became the first digital asset exchange platforms to be licensed by the Hong Kong Securities and Futures Commission (SFC) as part of a new regulatory approach that allowed such platforms to offer their services to retail investors from June 1 onwards.
A few months on from that and the company has been working towards increasing platform liquidity and trading volumes through a token rewards program and partnerships with market makers.
At the end of October, the firm launched an exchange app, having received approval for the product from the local regulator. The firm has also bolstered customer deposit protection by way of a deal struck with fintech firm OneDegree to provide insurance cover for digital assets held on the platform.
In April, a separate entity, HashKey Wealth, was formed, offering a wealth management service to both institutional and individual investors looking for exposure to digital assets.
HashKey Singapore, inclusive of HashKey Capital Singapore, boasts a team of approximately 40 professionals covering various areas such as venture capital investment, fund management and over-the-counter trading of digital assets. The development follows HashKey Capital’s successful conclusion of a $500 million funding round, reinforcing its position as one of the largest crypto asset managers.
Founded in 2015, HashKey Capital has played a pioneering role as an institutional investor in Ethereum, managing over $1 billion in client assets and making investments in more than 500 projects across infrastructure, tools and applications.
During a funding round which the HashKey Group pursued earlier this year, it emerged that the company was being valued at $1 billion.
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