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Crypto Asset Manager HashKey Capital Secures CMS License from Monetary Authority of Singapore

Image Source: HashKey Group

HashKey Capital’s Singapore subsidiary has obtained a central bank license from the Monetary Authority of Singapore.

On December 19, HashKey Capital Singapore announced that it had been granted a full Capital Markets Services (CMS) license by the Monetary Authority of Singapore (MAS). This license permits the firm to provide fund-management services, particularly in relation to capital market products in the country.

We’ve secured the Capital Markets Services (CMS) license from @MAS_sg!

As a licensed fund management company (LFMC), this empowers us to provide regulated fund management services in the realm of capital markets products. @techinasia

— HashKey Capital (@HashKey_Capital) December 19, 2023

HashKey Capital Singapore sought the license from MAS in late 2021, with plans to establish a regulated fund and offer capital market products to local customers. The CMS license, recognizing HashKey Capital Singapore as a licensed fund management company (LFMC), empowers the firm to make significant contributions to the local blockchain community.

Mr. Deng Chao, chief executive of HashKey Capital Singapore and head of HashKey Singapore, said:

“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 Accelerate Expansion into Singapore’s Blockchain Investment Landscape

The recent development aligns with the broader trend of the crypto industry, with investors shifting their focus to Asia and the Middle East in response to regulatory developments in America and Europe.

The CMS license provides the regulatory framework necessary for HashKey Capital to expand its reach in fund management, particularly in the realm of blockchain-related investments. This license positions the entity to offer regulated fund management services for various blockchain assets in Singapore.

HashKey Capital’s commitment to local growth in Singapore is evident through its dedication to enhancing the financial landscape in the city-state. With the aim of fostering the convergence of traditional and digital financial ecosystems, the entity’s capital arm in Singapore leverages its global resources to contribute to the development of a healthy and robust financial ecosystem.

HashKey Singapore, including HashKey Capital Singapore, operates with approximately 40 employees engaged in fund management, venture capital investment, and digital asset over-the-counter trading. The acquisition of the CMS license follows HashKey’s completion of a funding round totaling $500 million.

HashKey Capital Closes $500 Million FinTech Investment Fund III and Targets Global Blockchain Initiatives for Mass Adoption

Earlier this year, in January, the investment arm of HashKey Group successfully closed its third fund, HashKey FinTech Investment Fund III, with $500 million in committed capital. The fund will focus on investing in crypto and blockchain initiatives globally, with a particular emphasis on emerging markets.

Institutional investors, including sovereign-wealth funds, businesses, and family offices, have backed the fund. HashKey Capital aims to invest in infrastructure, tools, and applications that have the potential for mass adoption.

HashKey Capital expressed interest in projects with real use cases, particularly those building tools to facilitate the onboarding of new users from Web2 to Web3. The firm is focused on ecosystems like Ethereum, Polygon, and other Layer 2 networks.

HashKey Fintech Investment III has already deployed around $100 million, and the firm aims to fully deploy the fund over the next 2 to 3 years, backing projects at different stages through both equity and token deals.

Established in 2018, HashKey Capital manages assets exceeding $1 billion. The firm’s portfolio includes notable companies such as Cosmos, Aztec, Blockdaemon, and Animoca Brands, representing diverse sectors within the blockchain and crypto space.

HashKey Capital operates in Hong Kong and Singapore, with a presence in the United States and Japan.

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