HashKey Capital Singapore, an investment arm of Hong Kong-based HashKey Group, said on Friday that it received an in-principle approval for the Capital Markets Services license from the Monetary Authority of Singapore (MAS).

See related article: First Digital Trust says HK, Singapore can join hands on crypto initiatives

Fast facts

  • When a full license is granted, it will allow HashKey Capital Singapore to offer services to institutional and accredited investors in the Lion City as a licensed fund manager, the company said in a statement
  • The move comes as Hong Kong, Singapore’s traditional rival in Asia for financial services, announced this week a series of policies to attract crypto firms in hopes to re-position itself as a digital assets hub.
  • MAS, Singapore’s central bank, has recently been accelerating license approvals for crypto service providers.
  • “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,” Deng Chao, CEO, HashKey Capital Singapore, said in the statement. 
  • HashKey Capital said it has invested in over 500 global projects that include Web 3.0 infrastructure, metaverse and non-fungible tokens (NFTs)
  • See related article: Singapore still aims to be a crypto hub, minus speculative trading