The Monetary Authority of Singapore (MAS) has given the local branch of Hashkey Group an in-principle license, as per an <a href="https://www.hashkey.com/en/newsroom/HashKey-Capital-Singapore-Secures-In-Principle-Approval" target="_blank" rel="nofollow noopener">announcement</a> by the Hong Kong virtual asset management. The organization will be able to provide investment management services in Singapore after the license issuance.

HashKey Capital Singapore, a subsidiary of HashKey Capital, brings digital assets closer to mainstream institutional acceptance.
<h2>MAS Enhances Industry Regulation by In-Principle License</h2>
The <a href="https://www.cryptoknowmics.com/news/mas-casts-cross-border-payments-project-ubin-for-wholesale-cbdc">Monetary Authority of Singapore (MAS)</a> pledged to enhance regulation of the industry after the collapse of the cryptocurrency market and the departure of some significant local businesses earlier this year. Since then, several organizations, notably stablecoin issuers <a href="https://www.cryptoknowmics.com/news/recap-of-mainnet-by-messari-smartcon-by-chainlink-converge22-by-circle">Circle</a> and <a href="https://www.cryptoknowmics.com/news/circle-and-paxos-receive-in-principle-regulatory-license-in-singapore">Paxos</a> and cryptocurrency exchange <a href="https://www.cryptoknowmics.com/news/blockchain-com-introduces-visa-debit-card-for-u-s-users">Blockchain.com</a>, have received in-principle licenses from the central bank to provide Capital Markets Services in Singapore.

Deng Chao, Chief Executive Officer of HashKey Capital Singapore, stated that the company could provide its services to authorized and institutional investors if the CMS license is granted. He further claimed that the epicenter of <a href="https://www.cryptoknowmics.com/news/operas-web3-browser-now-provides-new-nft-analytics-tool">Web3</a> innovation in the area is rapidly emerging as Singapore.
<h2>Support to Local Web3 Markets</h2>
The acknowledgment by MAS of HashKey Capital Singapore as a regulated fund management business, is being considered as a major success for the asset management firm that will go a long way in enabling them to promote and participate in the neighborhood Web3 ecosystem. HashKey Capital, one of the leading Web3 institutional investors, is ready to make substantial investments to support the local Web3 market's continued expansion.

In 2018, HashKey Group established its venture department, which it claimed to have controlled over $1 billion. Early in September 2022, HashKey Capital also received an upgrade to its Type 9 wealth management license from the Securities and Futures Commission (SFC) of Hong Kong, allowing it to administer a portfolio entirely comprised of digital assets.

MAS Granted In-Principle Approval to HashKey Capital Singapore

The MAS has given the local branch of Hashkey Group an in-principle license, as per an announcement by the Hong Kong virtual asset management.

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MAS Granted In-Principle Approval to HashKey Capital Singapore

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