Singapore Approves In-Principle License for Crypto Fund Manager Hashkey

Singapore's central bank has approved an in-principle license for a local unit of Hong Kong virtual asset manager Hashkey Group, the company said Friday. Once granted, the license will allow the company to conduct fund management services in Singapore.

Spooked by the crypto market meltdown and the fall of some large players in the space with ties to the country earlier this year, the Monetary Authority of Singapore promised to tighten control over the industry. Since then the central bank has granted in-principle Capital Markets Services licenses to a slew of companies including stablecoin issuers Circle and Paxos and crypto exchange Blockchain.com.

In January, HashKey Group, the crypto arm of Chinese multinational Wanxiang Group, received a $360 million commitment from investors for a blockchain fund. The group also got permission from Hong Kong regulators to manage investment portfolios invested entirely in crypto this September.

The license will allow HashKey Capital Singapore "to offer its services to institutional and accredited investors," its CEO Deng Chao said in a press statement.

HashKey Capital, which operates in Hong Kong and Singapore, has invested in more than 500 global projects focusing on Web3 infrastructure, crypto, non-fungible tokens and the metaverse, the statement said.

Read more: Hong Kong's HashKey Receives Approval to Manage 100% Crypto Portfolio