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Hong Kong Hashkey Receives Approval to Manage 100% Crypto Portfolio

BlockNews Team by BlockNews Team
September 20, 2022
in Business, Crypto, Investing
Reading Time: 3 mins read
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Hong Kong-based Hashkey Capital has the approval to manage a portfolio dedicated to crypto. The company is among Asia’s largest digital asset managers, valued at $360 million on Crunchbase, with operations in Singapore and Tokyo. As a nation, Hong Kong has become a steadily rising star in the crypto world, also home to the central crypto platform Crypto.com. This news is part of a more significant trend toward building a regulatory framework for adopting cryptocurrencies in Hong Kong.

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The Crypto Nation

Hong Kong has been declared the country that is “most suited” for cryptocurrency in multiple categories – from business to consumer protection. Hong Kong’s position at the top of the table is mainly due to the supportive stance the local government has adopted toward the digital asset sector and the concentration of crypto ATMs in the region. Coming in second and third are the United States and Switzerland, respectively. Georgia and the United Arab Emirates followed them to comprise the top 5 named “cryptocurrency ready” nations.

According to a Forex Crypto Readiness report, Hong Kong “can be crowned the most crypto-ready [nation] as it ranks in the top three for three of the categories we looked at, including the number of blockchain startups per 100,00 people and the number of crypto ATMs proportional to the population.” Furthermore, the city-state “doesn’t tax capital gains on crypto, making it appealing to investors.”

Taking a Closer Look

According to a recent press release, HashKey Capital Limited’s Type 9 asset management license has recently been updated by The Securities and Futures Commission (SFC). The authorization will allow the company to administer funds that invest 100% of their portfolios in cryptocurrencies in compliance with domestic legal requirements. The move is significant because licensing for cryptocurrencies is typically reserved for Type 1 (dealing in securities) or Type 7 (providing automated trading services) licenses.

As a result of the endeavor, HashKey Capital Limited is now one of the few companies in Hong Kong that has a license to provide services linked to digital assets. Two more companies are the blockchain-focused hedge fund manager MaiCapital Limited and the cryptocurrency exchange Huobi.

“This Type 9 license upgrading underlines our commitment to assisting and advancing the blockchain community in Hong Kong and outside of Asia,” stated Chairman Dr. Xiao Feng.

With the aim of “forming a fair, sustainable environment in support of the long-term evolution of the blockchain and cryptocurrency industries,” the parent company, HashKey Group, has been working on building an ecosystem that connects individuals and Web 3 developers. The company has also expressed its desire to work with financial regulators and adhere to their rules.

Not All Leaderboards are the Same

Ranking nations in terms of “readiness” for cryptocurrency adoption can garner different results depending on the data and criteria considered for the rankings. For example, in April this year, Bybit released an article reviewing the “12 Most Crypto-Friendly Countries,s” – neither Hong Kong nor the United States was mentioned. They highlight that ranking and scoring systems for readiness are ultimately subjective because there is no set standard for evaluation criteria. However, one thing is for sure scores of nations are taking authoritative steps toward mass adoption and implementation of cryptocurrencies as legal tender.

Conclusion

Significant legal frameworks are developing worldwide for regulating and institutional adoption of cryptocurrencies. Despite bearish market conditions at the time of publishing this article, the progress made by firms like Hashkey is a positive sign for the long-term bullish trend of the crypto market as a whole.

Tags: BlockchaincryptoWeb3
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