Tag: HASHKEY GROUP

Hashkey Group Targets $1 Billion Valuation with $200 Million Fundraising

by Blockchain News

Hong Kong-based HashKey Group, Asia’s leading end-to-end digital asset management and finance house, is in preliminary discussions to raise up to $200 million, a move that could propel its valuation north of $1 billion, as Hong Kong emerges as a growing global crypto hub.

The company, with operations extending to Singapore and Tokyo, caters to a broad client base including institutions, family offices, and professional investors. The funding move is being interpreted as an affirmation of Hong Kong’s increasing relevance in the global digital asset space.

In January this year, HashKey Capital, a wing of HashKey Group specializing in crypto and blockchain, announced the successful closure of its third fund, HashKey FinTech Investment Fund III (“Fund III”). The fund secured total commitments of $500 million, underlining the group’s stature as a formidable player in the world of crypto finance.

Fund III, managed by HashKey FinTech Investment, an affiliate of HashKey Capital, saw significant participation from a broad range of investors including sovereign wealth funds, corporations, and family offices. This strong support underscores the group’s credibility and reinforces its position in the market.

As Hong Kong continues to promote its standing as a burgeoning crypto hub, the latest fundraising efforts of HashKey Group align well with this narrative. The proposed funding round, if successful, will not only boost HashKey’s market presence but also strengthen Hong Kong’s foothold in the international digital asset landscape.

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Hong Kong to Release Cryptocurrency Exchange Licensing Guidelines

by Blockchain News

The Hong Kong Securities Futures Commission (SFC) is set to release guidelines for cryptocurrency exchange licensing in May, as it moves to support trading services to retail investors from June 1. According to Bloomberg, the plans were confirmed by the SFC’s CEO, Julia Leung, who revealed that over 150 interested parties had provided feedback during the consultation process on the licensing regime.

The upcoming guidelines will likely include regulatory requirements for Anti-Money Laundering (AML) and Know Your Client (KYC) measures, among other considerations. A February 20 report by the SFC also highlighted these factors as important for regulating virtual assets.

While most prospective Virtual Asset Service Provider (VASP) licensees are still awaiting confirmation, some trading platforms have already received licenses from the SFC. Among them are OSL and Hashkey Group, according to Reuters.

However, not all trading platforms have chosen to stay in Hong Kong amid its ambitions to become a major crypto hub. Bitget, which boasts $1.4 trillion in assets in reserve, announced on April 24 that it would cease offering services to its Hong Kong customers when the VASP regime takes effect on June 1.

Despite this setback, the release of the licensing guidelines is expected to bring further clarity and regulation to the Hong Kong crypto market, while also providing a framework for legitimate trading platforms to operate under. This could help to boost investor confidence in the sector and support the city’s wider efforts to establish itself as a leading hub for digital assets and blockchain technology.

Hong Kong has already made significant strides in this area, with its Securities and Futures Commission becoming one of the first regulators to issue guidance on digital asset fund managers in November 2018. The city has also played host to a number of high-profile crypto events in recent years, including the Token2049 conference, which attracts blockchain industry leaders from around the world.

Despite this progress, however, Hong Kong still faces stiff competition from other global crypto hubs, such as Singapore and Switzerland. By introducing clear licensing guidelines and regulatory requirements for crypto trading platforms, the SFC may be able to help Hong Kong strengthen its position in this increasingly competitive field.

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HashKey Launches Wealth Management Platform for Institutional Investors

by Blockchain News

Hong Kong-based digital asset firm, HashKey Group, has launched a new wealth management platform aimed at professional and institutional investors. The move comes in response to a growing demand from investors seeking access to virtual assets. The platform will allow the group to offer solutions to help tap into the “growing opportunities of virtual assets.”

HashKey’s venture capital arm, HashKey Capital, is the first to benefit from the new platform. It will manage portfolios that only contain virtual assets. The company was granted a “Type 9 asset management license” by Hong Kong’s Securities and Futures Commission, which likely paved the way for its latest offering.

The launch of the wealth management platform comes after HashKey closed a $500 million investment round for a fund that aims to push for mass adoption of blockchain and crypto technologies. The move highlights the company’s commitment to driving the adoption of digital assets.

According to a 2022 study from consultancy firm Boston Consulting Group, only 0.3% of individual wealth is invested in crypto, compared to the 25% invested in equities. However, HashKey believes there is “potential robust demand for virtual assets in the future.”

In addition to launching the new platform, HashKey is expanding its over-the-counter trading service. The company plans to increase the number of tokens in its spot market and increase its liquidity coverage to 24/7. The move is a response to recent challenges in the crypto market, which have highlighted the need for deep and reliable liquidity.

HashKey’s move into the wealth management space comes as institutional investors continue to explore the potential of digital assets. Many are looking for ways to gain exposure to the emerging asset class, which has been one of the best-performing asset classes in recent years.

Overall, HashKey’s launch of a wealth management platform for professional and institutional investors is a significant step forward for the digital asset industry. The move highlights the growing demand for virtual assets and the increasing interest from institutional investors seeking exposure to the emerging asset class. With its new platform and expanded over-the-counter trading service, HashKey is well-positioned to capitalize on the growing interest in digital assets.

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HashKey Group Secures Licenses from Regulator to Operate Virtual Asset Trading Platform

by Blockchain News

Hong Kong-based digital assets company Hash Blockchain Limited (HBL), a member of the HashKey Group, announced to secure regulatory approval from the Securities and Futures Commission of Hong Kong (SEC) to operate a virtual asset trading platform.

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HashKey said the company now has received a Type 1 (dealing in securities) and a Type 7 (providing automated trading services) license, allowing them to provide automated trading services for cryptocurrencies such as Bitcoin and Ether, and stablecoins, security tokens, according to the statement.

Michel Lee, Executive President of HashKey Group, said he is delighted to receive the licenses, given the backdrop of this positive announcement. 

“This enables us to provide regulated and compliant virtual asset trading services as we continue to help build the financial, technological and service infrastructure to facilitate and contribute to the rapid growth and the long-term development of the ecosystem.”

“Our objective is to build a platform that is best in class in terms of technology, security and trading experience for our clients,” Colin Zhong, CEO of HBL, also welcomed the latest regulatory approval from the authority, adding that “One of the focuses of HashKey’s virtual asset exchange will be on the tokenisation of non-traditional assets, leveraging the robust ecosystem HashKey has developed over the years. 

The latest approval enables Hashkey group to get the green light not just to operate in Hong Kong but also from Japan and Singapore conditionally, which comes after another Hong Kong-based virtual assets platform OSL Exchange licensed virtual asset trading platforms in the city.

Recently, the HKSAR government published a policy statement supporting the city to develop virtual assets under a supervised regime, including the issuance of tokenised green bonds and the preparation of developing the digital Hong Kong Dollar. The administration’s move is considered to catch up with regional competitors like Singapore.

Image source: HashKey Group

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More Crypto Firm Tenants Settle in Hong Kong Central CBD Offices

by Blockchain News

Hong Kong Land Holdings Ltd (SGX: H78) announced Wednesday that the real estate firm has signed a lease contract with a crypto firm, embracing the first crypto company to use their offices in the city’s central business district (CBD).

Hong Kong-based HashKey Group, a blockchain solution and an end-to-end digital asset management firm, will move to one entire floor in Three Exchange Square owned by the Hong Kong Land. According to the press release, the new office occupies over 10,000 square feet, which is “the first digital asset financial service group move to Hong Kong Land’s central portfolio,” the real estate said in the statement.

The statement added that the leasing agreement will commence on Thursday, 16th Sep., which “brings traditional financial institutions with blockchain and virtual assets firm in one ecosystem,” the statement added.

Prior to the relocation, HashKey locates at Cyberport. Michel Lee, Executive President at HaskKey, said the company is glad to move to the centre of the business community.

“We are excited to be the first digital assets firm in Exchange Square and look forward to expanding our footprint to Central, the heart of Hong Kong.”

Hong Kong Land, meanwhile, also welcomes HashKey’s latest move as well:

“HashKey’s decision to move to Central and the Hongkong Land portfolio exemplifies a growing ‘flight to quality’ as financial markets participants, in particular, see the benefits of being part of a core Central ecosystem that supports their business and talent development goals.”

Central is considered the traditional CBD in Hong Kong, mainly dominated by conventional financial institutions and other business corporations. In 2018, crypto trading platform BitMex leased one of the floors of the Cheung Kong Center, according to Bloomberg.

Yet, the rent has significantly dropped amid the pandemic of Covid-19. The rent has fallen by 26.4 per cent from their peak in the second quarter of 2019, which provides an incentive for some firms to return to the core region, according to local media South China Morning Post, citing experts said.

With the trending development on cryptocurrency, Hong Kong Financial regulator, The Hong Kong Securities and Futures Commission (SFC), continues to strengthen its supervision over the crypto sectors. Last month, SFC warned of a high risk against Initial Decentralized Offerings (IDOs) or Initial Exchange Offerings (IEOs) as Unauthorized Investment Schemes. Earlier this month, a senior official of SFC stated that the authority is obligated to crack down on unauthorised crypto transactions while properly developing crypto. The administration said it should protect investors’ interests from being deceived or facing fraud by illegal crypto activities. 

Image source: Wiki

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More Crypto Firm Tenants Settle in Hong Kong Central CBD Offices

by Blockchain News

Hong Kong Land Holdings Ltd (SGX: H78) announced Wednesday that the real estate firm has signed a lease contract with a crypto firm, embracing the first crypto company to use their offices in the city’s central business district (CBD).

Hong Kong-based HashKey Group, a blockchain solution and an end-to-end digital asset management firm, will move to one entire floor in Three Exchange Square owned by the Hong Kong Land. According to the press release, the new office occupies over 10,000 square feet, which is “the first digital asset financial service group move to Hong Kong Land’s central portfolio,” the real estate said in the statement.

The statement added that the leasing agreement will commence on Thursday, 16th Sep., which “brings traditional financial institutions with blockchain and virtual assets firm in one ecosystem,” the statement added.

Prior to the relocation, HashKey locates at Cyberport. Michel Lee, Executive President at HaskKey, said the company is glad to move to the centre of the business community.

“We are excited to be the first digital assets firm in Exchange Square and look forward to expanding our footprint to Central, the heart of Hong Kong.”

Hong Kong Land, meanwhile, also welcomes HashKey’s latest move as well:

“HashKey’s decision to move to Central and the Hongkong Land portfolio exemplifies a growing ‘flight to quality’ as financial markets participants, in particular, see the benefits of being part of a core Central ecosystem that supports their business and talent development goals.”

Central is considered the traditional CBD in Hong Kong, mainly dominated by conventional financial institutions and other business corporations. In 2018, crypto trading platform BitMex leased one of the floors of the Cheung Kong Center, according to Bloomberg.

Yet, the rent has significantly dropped amid the pandemic of Covid-19. The rent has fallen by 26.4 per cent from their peak in the second quarter of 2019, which provides an incentive for some firms to return to the core region, according to local media South China Morning Post, citing experts said.

With the trending development on cryptocurrency, Hong Kong Financial regulator, The Hong Kong Securities and Futures Commission (SFC), continues to strengthen its supervision over the crypto sectors. Last month, SFC warned of a high risk against Initial Decentralized Offerings (IDOs) or Initial Exchange Offerings (IEOs) as Unauthorized Investment Schemes. Earlier this month, a senior official of SFC stated that the authority is obligated to crack down on unauthorised crypto transactions while properly developing crypto. The administration said it should protect investors’ interests from being deceived or facing fraud by illegal crypto activities. 

Image source: Wiki

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