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Digital currency firm, HashKey Capital has secured the much-coveted license to operate in Singapore as a crypto business.
As reported by The Straits Times, HashKey Capital bagged the full capital markets services license from the Monetary Authority of Singapore (MAS), marking an end to the application process that commenced when the application was filed in May 2021.
HashKey to Debut Regulated Crypto Products in Singapore
While Singapore remains one of the most crypto-friendly jurisdictions around, securing the license to operate has proven to be a major hurdle, considering the registration process that takes time. The success of HashKey Capital in securing the license now implies that the company will be able to provide regulated capital markets products from its outlet in the country.
“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,” Deng Chao, the CEO of HashKey Capital said in a statement following the approval.
As an asset management firm with a global operational base, HashKey has also secured a related license from the Securities and Futures Commission of Hong Kong (“SFC”) as far back as February per an earlier Coingape report. Notably, HashKey is one of the first firms to take advantage of the new regulatory regime in Hong Kong.
Prior to its rebirth, Hong Kong only permitted registered or institutional traders to engage in crypto-related services. This stance changed recently as exchanges were given the permission to launch retail crypto products provided they meet defined requirements.
Since its emergence in 2015, HashKey Group has showcased how well it is willing to enter new markets provided there is a means to do so. Per its aggressive investment strategy, the company has a total of $1 billion in Assets Under Management (AUM) in investments in more than 500 blockchain-based and innovative projects.
The Pursuit of Regulation: an Industry Wide Trend
Innovators in the digital currency ecosystem have realized that it will be difficult to operate without regulatory oversight, and as such, many are now doggedly pursuing means to get licensed around the world.
As a crypto-friendly region, the Monetary Authority of Singapore greenlighted the bid by Paxos to launch a USD stablecoin in the country. This forms one of the many approvals that have been secured by crypto firms like Ripple Labs Inc. and Upbit that want to do business in the Southeast Asian country.
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