Hashkey Capital Singapore receives capital markets services license

abdelaziz Fathi

Hashkey Capital Singapore, a subsidiary of Hong Kong’s digital asset group Hashkey, has received a full Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS).

Hashkey Capital Singapore applied for the CMS license in late 2021 and plans to use this regulatory clearance to introduce regulated funds and offer capital market products locally. The approval identifies the company as a licensed fund management company (LFMC).

Hashkey Capital now joins the ranks of other cryptocurrency-related firms, including DigiFT and SBI Digital Markets, that have obtained CMS licenses in Singapore.

Mr. Deng Chao, CEO of HashKey Capital Singapore and Head of HashKey Singapore: “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.”

HashKey Capital has recently raised $500 million for its HashKey FinTech Fund III which invested in initiatives like Dispersion Capital’s decentralized infrastructure projects and Tabi’s gaming ecosystem on the BNB Chain. The company also launched a new fund that will focus on second-tier cryptocurrencies, commonly known as “altcoins” and aims to raise $100 million over a year.

Earlier in July, HashKey Capital received approval from the Securities and Futures Commission of Hong Kong to operate a virtual asset trading platform, enabling it to provide crypto trading services to both institutional and retail investors.

Apart from being one of the first licensed exchanges to offer retail crypto trading in Hong Kong, HashKey has also introduced its crypto over-the-counter (OTC) trading service, known as HashKey Brokerage. The OTC platform has been developed in accordance with local securities regulations, aligning with the newly implemented cryptocurrency regulatory framework set forth by the Securities and Futures Commission (SFC).

HashKey PRO also offers fiat on- and off- ramp support to users in order to allow users to directly transfer USD from their bank account to the HashKey PRO fiat wallet via SWIFT. The platform accepts bank transfers from 16 countries globally and has plans to expand in the future. Settlement banks ZA Bank and Bank of Communications (Hong Kong) facilitate the depositing and withdrawal of fiat currencies. The platform will continue to expand its options and partnerships with other local and international financial institutions.

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