Hashkey Capital Singapore Expands Its Market Presence
Reflecting Singapore's progressive stance on digital assets, the Monetary Authority of Singapore (MAS) has awarded Hashkey Capital Singapore a full Capital Markets Services (CMS) license. This license enables the firm to enhance its fund management services and contribute significantly to the burgeoning blockchain community in Singapore.
Positive Move for the Digital Assets Sector
In yet another positive move for the digital assets sector in Singapore, Hashkey Capital Singapore, a subsidiary of Hong Kong-based digital asset group Hashkey, has been granted a full Capital Markets Services (CMS) license by the Monetary Authority of Singapore (MAS). This approval marks a crucial step for the firm in expanding its regulated fund management services within the region.
License Secured to Offer Regulated Fund Management Services
Hashkey Capital Singapore, which applied for the license in late 2021, aims to leverage this opportunity to launch regulated funds and offer capital market products to local customers. The CMS license allows the firm to actively contribute to and foster progress within Singapore's burgeoning blockchain community.
Mr. Deng Chao, CEO of Hashey Capital Singapore and Head of Hashkey Singapore, commented on the achievement, stating, "Securing the CMS license from the MAS marks a defining moment for Hashkey Capital and the vibrant Web3 landscape in Singapore. As a licensed fund management company, we are committed to contributing to the local blockchain community and playing our part in shaping its future."
Singapore's innovative spirit aligns with our mission, and we're excited to propel blockchain-related capital markets products and investments further into the mainstream, offering new possibilities for institutional and accredited investors.
A Successful Year for Hashkey Capital
This development bookends a successful 2023 for Hashkey Capital. The year started with the firm's $500 million funding round, a testament to its growth and influence in the crypto asset management space. With operations in Singapore and a team of approximately 40 staff members, Hashkey Capital offers a range of services, including venture capital investment, fund management, and over-the-counter trading of digital assets.
Managing over US$1 billion in client assets, the firm has invested in over 500 projects across infrastructure, tools, and applications within the blockchain and crypto domains. The achievement by Hashkey Capital Singapore comes on the heels of similar licenses granted to other firms in the region, such as Digift and SBI Digital Markets, signaling a growing regulatory embrace of digital assets in Singapore.
Is Singapore the Most Progressive Country for Digital Assets?
The awarding of the Capital Markets Services (CMS) license to Hashkey Capital Singapore is further evidence of Singapore's progressive stance on digital assets. With the growing regulatory support and a vibrant blockchain community, Singapore is positioning itself as a leading hub for digital asset innovation. Share your thoughts and opinions about Singapore's progressiveness in the comments section below.
Frequently Asked Questions
Can I keep physical gold in an IRA?
Gold is money. Not just paper currency. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.
Today, Americans prefer precious metals like silver and gold to stocks and bonds. Although owning gold does not guarantee that you will make money investing in it, there are many reasons to consider adding gold into your retirement portfolio.
One reason is that gold historically performs better than other assets during financial panics. Gold prices rose nearly 100 percent between August 2011 and early 2013, while the S&P 500 fell 21 percent over the same period. Gold was one of the few assets that performed better than stocks during turbulent market conditions.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. Your stock portfolio can fall, but you will still own your shares. If you have gold, it will still be worth your shares even if the company in which you invested defaults on its debt.
Finally, gold provides liquidity. This means you can easily sell your gold any time, unlike other investments. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows for you to benefit from the short-term fluctuations of the gold market.
How to Open a Precious Metal IRA?
First, decide if an Individual Retirement Account is right for you. If you do, you must open the account by completing Form 8606. For you to determine the type and eligibility for which IRA, you need Form 5204. This form must be submitted within 60 days of the account opening. You can then start investing once you have this completed. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
If you opt for a Roth IRA, you must complete Form 8903. Otherwise, the process is identical to an ordinary IRA.
To qualify for a precious Metals IRA, there are specific requirements. The IRS requires that you are at least 18 years old and have earned an income. Your earnings cannot exceed $110,000 per year ($220,000 if married and filing jointly) for any single tax year. Contributions must be made on a regular basis. These rules apply regardless of whether you are contributing directly to your paychecks or through your employer.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. But, you'll only be able to purchase physical bullion. This means you won’t be able to trade stocks and bonds.
You can also use your precious metals IRA to invest directly in companies that deal in precious metals. Some IRA providers offer this option.
There are two main drawbacks to investing through an IRA in precious metallics. First, they are not as liquid or as easy to sell as stocks and bonds. It's also more difficult to sell them when they are needed. They also don't pay dividends, like stocks and bonds. Therefore, you will lose money over time and not gain it.
What's the advantage of a Gold IRA?
There are many advantages to a gold IRA. It's an investment vehicle that lets you diversify your portfolio. You decide how much money you want to put into each account, and when you want it to be withdrawn.
You can also rollover funds from other retirement accounts to a gold IRA. This allows you to easily transition if your retirement is early.
The best part about gold IRAs? You don't have to be an expert. They're readily available at almost all banks and brokerage firms. Withdrawals can be made instantly without the need to pay fees or penalties.
There are also drawbacks. Gold is historically volatile. It's important to understand the reasons you're considering investing in gold. Do you want safety or growth? Are you looking for growth or insurance? Only when you are clear about the facts will you be able take an informed decision.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. One ounce won't be enough to meet all your needs. Depending on the purpose of your gold, you might need more than one ounce.
A small amount is sufficient if you plan to sell your gold. You can even get by with less than one ounce. These funds won't allow you to purchase anything else.
What is a Precious Metal IRA?
You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These precious metals are extremely rare and valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
Precious metals are sometimes called “bullion.” Bullion refers only to the actual metal.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. This will ensure that you receive annual dividends.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, you pay a small percentage tax on the gains. You also have unlimited access to your funds whenever and wherever you wish.
What Should Your IRA Include in Precious Metals?
It is important to remember that precious metals can be a good investment for anyone. You don't need to be rich to make an investment in precious metals. There are many methods to make money off of silver and gold investments.
You may consider buying physical coins such as bullion bars or rounds. It is possible to also purchase shares in companies that make precious metals. You might also want to use an IRA rollover program offered through your retirement plan provider.
Regardless of your choice, you'll still benefit from owning precious metals. These metals are not stocks, but they can still provide long-term growth.
They also tend to appreciate over time, unlike traditional investments. You'll probably make more money if your investment is sold down the line than traditional investments.
Is buying gold a good retirement plan?
Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.
The best form of investing is physical bullion, which is the most widely used. You can also invest in gold in other ways. Research all options carefully and make an informed decision about what you desire from your investments.
If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you are looking for cash flow from your investment, buying gold stocks will work well.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
Statistics
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
investopedia.com
cftc.gov
bbb.org
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement funds
How To
How to Keep Physical Gold in an IRA
An easy way to invest gold is to buy shares from gold-producing companies. But this investment method has many risks as there is no guarantee of survival. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
An alternative option would be to buy physical gold itself. You can either open an account with a bank, online bullion dealer, or buy gold directly from a seller you trust. This option offers the advantages of being able to purchase gold at low prices and easy access (you don’t need to deal directly with stock exchanges). It is also easier to check how much gold you have stored. A receipt will be sent to you indicating exactly how much you paid. This will allow you to see if there were any tax omissions. There's also less chance of theft than investing in stocks.
There are however some disadvantages. You won't get the bank's interest rates or investment money. Also, you won't be able to diversify your holdings – you're stuck with whatever you bought. Finally, the taxman might want to know where your gold has been placed!
Visit BullionVault.com to find out more about gold buying in an IRA.
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By: David Sencil
Title: Hashkey Capital Singapore Receives Full Capital Markets Services (CMS) License from MAS
Sourced From: news.bitcoin.com/hashkey-capital-singapore-secures-full-capital-markets-services-license-from-singapore/
Published Date: Wed, 20 Dec 2023 11:00:49 +0000
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