Hong Kong-based digital asset group HashKey's Singapore subsidiary, HashKey Capital Singapore, has secured a significant regulatory milestone, obtaining a full Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS). This licence empowers the firm to deliver regulated fund management services primarily concerning capital markets products within Singapore.
The licence acquisition, described as a pivotal development by the firm, marks a substantial move towards providing regulated fund management services from its Singapore base. Having applied for the licence in late 2021, the company expressed intentions to launch regulated funds and offer capital market products tailored for local customers.
HashKey Capital Singapore aims to bridge the gap between traditional and digital financial ecosystems. CEO Deng Chao emphasised the commitment to contribute to the local blockchain community, fostering advancements and linking global capital with local markets. Chao expressed excitement about leveraging Singapore's innovative spirit to push blockchain-related capital market products into the mainstream, offering new avenues for institutional and accredited investors.
Deng Chao, the Chief Executive Officer at HashKey Capital Singapore and Head of HashKey Singapore. (Image Source: THE STRAITS TIMES)
HashKey Capital Singapore's recent achievement follows its parent company's conclusion of a significant $500 million funding round for its third fund earlier in January. With plans to invest in Web3 and crypto initiatives globally, the firm positions itself to participate actively in the evolution of the decentralised web and cryptocurrency landscape.
Founded in 2015, HashKey Capital stands as one of the prominent crypto asset managers and an early institutional investor in Ethereum. It has managed over $1 billion in client assets, channelling investments into more than 500 projects spanning infrastructure, tools, and applications related to blockchain technology.
The expansion of HashKey Capital's Singapore arm, fortified by the CMS licence, signifies a notable stride towards deeper integration of blockchain technology into traditional financial landscapes. By securing regulatory approval, HashKey paves the way for a more regulated and integrated approach to capital markets products in Singapore, indicating a growing institutional interest in Web3 and the broader blockchain ecosystem. This move not only underlines Singapore's allure as a blockchain-friendly hub but also hints at an evolving landscape where regulated entities increasingly participate in the crypto space.
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