Hong Kong Regulator Allows HashKey Capital to Manage a 100% Crypto Portfolio
HashKey Capital Limited – the investment arm of the finance company HashKey Group – received approval from Hong Kong’s Securities and Futures Commission (SFC) to manage a portfolio of 100% digital assets.
The regulatory green light doubled down on the pro-crypto stance that the special administrative region of China has displayed recently. Not long ago, a study estimated that Hong Kong is the most crypto-ready nation.
Diving Deeper Into Crypto
According to a recent press release, the top financial watchdog in Hong Kong – the SFC – granted HashKey Capital Limited with an uplift of its Type 9 asset management license. The authorization means that the entity will be able to manage funds that invest 100% of their portfolios in crypto in compliance with domestic law requirements.
The initiative turned HashKey Capital Limited into one of the few organizations with licenses to provide digital asset services in Hong Kong. Examples of other such firms are the crypto platform Huobi and the hedge fund manager that specializes in blockchain investments – MaiCapital Limited.
Commenting on HashKey’s approval was Chairman Dr. Xiao Feng, who said his company is an advocate of the cryptocurrency industry and is dedicated to its development.
“This Type 9 license uplift reinforces our commitment to fostering and advancing the blockchain community in Hong Kong and across Asia,” he added.
Over the past few years, the parent company – HashKey Group – has created an ecosystem that connects Web 3 developers and communities who share “the same vision for building a fair, sustainable environment in support of the long-term growth of the blockchain and cryptocurrency industries.” The company has also revealed it wants to cooperate with monetary regulators and their requirements.
Hong Kong Placed First in a Crypto Leaderboard
Speaking of China’s autonomous special administrative region, it is worth mentioning that it ranked first as the most crypto-ready country globally. It received 8.6 points out of 10 and, thus, surpassed the previous leader – the United States of America.
Some of the main reasons why Hong Kong is at the top of the table are the friendly stance displayed by the local government toward the digital asset industry and the density of crypto ATMs in the region. Thanks to its small area, there are two machines for every 100,000 people.
Third after Hong Kong and the USA is Switzerland, while Georgia and the United Arab Emirates are respectively fourth and fifth.
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