The platform, which has caused significant price fluctuations in cryptocurrencies, announced that it has obtained a license in a different region. This latest move particularly reflects the increasing demand for cryptocurrencies in the Asian region and is quite positive for the overall market. So, what are the details of the license? Let’s examine the latest developments along with the current situation and possible effects.
Hashkey License
The Singapore subsidiary of crypto asset manager Hashkey Capital has received a central bank license that allows it to offer fund management services in the country. Hashkey, Hong Kong’s first licensed cryptocurrency exchange, has listed many altcoins to date, and these listing announcements have significantly increased prices in cryptocurrencies. Moreover, it can be said to be one of the most important gateways to the region for crypto, reflecting the strong demand in the Asian markets.
CEO Deng Chao stated that the Capital Market Services (CMS) license obtained from the Monetary Authority of Singapore will facilitate Hashkey Capital Singapore’s contribution to local crypto companies. Although the company received principle approval in 2022, the process has now been completed.
Following the crypto exchange DigiFT, which obtained the CMS license in November, and SBI Digital Markets, a subsidiary of Japan’s financial services giant SBI Holdings’ digital assets division, Hashkey has also achieved its goal.
The company, which received an investment of 500 million dollars at the beginning of 2023, had announced that it would use this investment for Web3 and crypto companies.
Current Bitcoin Situation
We felt the strong demand in the Asian markets in the last 24 hours as well. Amid increasing optimism about ETF approval, BTC rose above $43,000 again at the opening of the Asian markets on December 19. The Asia-based demand, combined with the inflated CME open interest due to ETF approval expectations, makes it meaningful for BTC to hold above $40,000.
In the short term, the PCE data coming on Friday will be decisive for the market. In the medium term, it will be necessary to observe the consequences of the reduced volumes during Christmas in the market. The most important event, however, is the decision to be made on ETF approvals, which are due to conclude on January 10th.
The SEC, which met with potential issuers more than ever in December and updated dozens of files, tells us that the processes are progressing. If the readings of this large crowd are correct, Bitcoin could see new highs in January.
