Hong Kong Regulator Allows HashKey Capital to Manage a 100% Crypto Portfolio

HashKey Capital Limited – the investment arm of financial 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 shown recently. Not long ago, a study estimated that Hong Kong is the most crypto-savvy nation.

Dive deeper into crypto

According to a recent press release, Hong Kong’s top financial watchdog – the SFC – granted HashKey Capital Limited a lift to its Type 9 asset management licence. The authorization means that the entity will be able to manage funds that invest 100% of their portfolios in crypto in accordance with national legal requirements.

The initiative made HashKey Capital Limited one of the few organizations licensed to provide digital asset services in Hong Kong. Examples of other such firms are the crypto platform Huobi and the hedge fund manager specializing in blockchain investments – MaiCapital Limited.

Commenting on HashKey’s approval, Chairman Dr. Xiao Feng said his company is an advocate for the cryptocurrency industry and is dedicated to its development.

“This Type 9 license promotion reinforces our commitment to promote and advance the blockchain community in Hong Kong and across Asia,” he added.

Over the past few years, its parent company – HashKey Group – has created an ecosystem that connects Web 3 developers and communities that share “the same vision to build a fair, sustainable environment to support the long-term growth of the blockchain and cryptocurrency industries.” The company has also revealed that it wants to cooperate with monetary regulators and their requirements.

Hong Kong placed first in a crypto score chart

Speaking of China’s Autonomous Special Administrative Region, it’s worth mentioning that it ranked first as the most crypto-savvy country globally. It scored 8.6 points out of 10, surpassing the previous leader – the United States.

Some of the main reasons why Hong Kong is at the top of the table are the friendly attitude of the local government towards the digital asset industry and the density of crypto ATMs in the region. Thanks to the 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 fourth and fifth respectively.