Singapore's financial regulator granted HashKey Group's investment arm a license to operate in the city state.

The firm announced today that it has received approval for a Capital Markets Service license from the Monetary Authority of Singapore. HashKey Capital Singapore will offer fund management services in the country.

“Once the CMS license is granted, HashKey Capital will be able to offer its services to institutional and accredited investors," said Deng Chao, CEO of HashKey Capital Singapore, in a statement.

HashKey Group founded its venture arm in 2018, and claims to have managed more than $1 billion to date. HashKey Capital also received a license from Hong Kong to manage a portfolio entirely composed of digital assets in September.