Hashkey Capital, a crypto asset manager, has announced that its Singapore subsidiary has obtained a central bank license to offer fund management services. This move reflects the increasing demand for cryptocurrencies in Asia and is seen as a positive development for the general market. The details of the license and its potential impact on the market are worth exploring.
The CEO of Hashkey, Deng Chao, stated that the Capital Markets Services (CMS) license from the Monetary Authority of Singapore will facilitate Hashkey Capital Singapore’s contributions to local crypto companies. Although the company received preliminary approval in 2022, the process has now been completed.
Following the CMS license obtained by DigiFT in November, Hashkey has achieved its goal, succeeding SBI Digital Markets, a subsidiary of Japan’s financial giant SBI Holdings. Hashkey’s recent $500 million investment, received at the beginning of 2023, is intended for investment in Web3 and crypto companies.
In the last 24 hours, the strong demand for cryptocurrencies in Asian markets has been evident. On December 19th, with optimism growing around ETF approvals, Bitcoin (BTC) rose above $43,000. The Asian-driven demand, combined with the inflated CME open interest due to ETF approval expectations, makes BTC’s support above $40,000 significant.
In the short term, the PCE data coming out on Friday will be a market determinant. In the medium term, the impact of reduced volumes over Christmas on the market needs to be monitored. The most crucial event will be the decision on ETF approvals due on January 10th. The SEC’s recent discussions with potential issuers and numerous file updates suggest that processes are progressing, and if the crowd’s reading is correct, Bitcoin could see new highs in January.
