Introduction
Reflecting Singapore's progressive stance on digital assets, the Monetary Authority of Singapore (MAS) has awarded Hashkey Capital Singapore a full Capital Markets Services license, enabling the firm to enhance its fund management services and contribute significantly to the burgeoning blockchain community.
Hashkey Capital Singapore's Milestone: Full CMS License from MAS
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.
Expanding Opportunities for Regulated Funds and Capital Market Products
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.
CEO's Perspective
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." He continued, "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."
Successful Year and Growth in the Crypto Asset Management Space
This development bookends a successful 2023, which started the year with Hashkey Capital's $500 million funding round, a testament to the firm's growth and influence in the crypto asset management space. The company's operations in Singapore include a team of approximately 40 staff members, covering a range of services from venture capital investment and fund management to over-the-counter trading of digital assets.
Contributing to the Blockchain Community in Singapore
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.
Conclusion
With the full Capital Markets Services license from MAS, Hashkey Capital Singapore is well-positioned to expand its fund management services and contribute to the growth of the blockchain community in Singapore. This milestone further solidifies Singapore's progressive stance on digital assets and highlights the country's commitment to fostering innovation in the financial sector.
Frequently Asked Questions
Should You Purchase Gold?
Gold was a safe investment option for those who were in financial turmoil. Today, many people are looking to precious metals like gold and avoiding traditional investments like bonds and stocks.
Gold prices have been on an upward trend over recent years, but they remain relatively low compared to other commodities such as oil and silver.
Some experts think that this could change in the near future. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
These are some things you should consider when considering gold investing.
- First, consider whether or not you need the money you're saving for retirement. You can save for retirement and not invest your savings in gold. However, you can still save for retirement without putting your savings into gold.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each one offers different levels security and flexibility.
- Remember that gold is not as safe as a bank account. Your gold coins may be lost and you might never get them back.
Do your research before you buy gold. Make sure to protect any gold you already own.
How Much of Your IRA Should Be Made Up Of Precious Metals
When investing in precious metals, the most important thing to know is that they aren't just for wealthy people. You don't need to be rich to make an investment in precious metals. In fact, there are many ways to make money from gold and silver investments without spending much money.
You might consider purchasing physical coins, such as bullion bars and rounds. You could also buy shares in companies that produce precious metals. Another option is to make use of the IRA rollover programs offered by your retirement plan provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. Even though they aren't stocks, they still offer the possibility of long-term growth.
Their prices are more volatile than traditional investments. So, if you decide to sell your investment down the road, you'll likely see more profit than you would with traditional investments.
What Precious Metals Can You Invest in for Retirement?
It is gold and silver that are the best precious metal investment. They are both easy to trade and have been around for years. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: Gold is one of man's oldest forms of currency. It is very stable and secure. This makes it a good option to preserve wealth in uncertain times.
Silver: Silver is a popular investment choice. It's a great option for those who want stability. Silver tends to move up, not down, unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's like silver or gold in that it is durable and resistant to corrosion. However, it's much more expensive than either of its counterparts.
Rhodium: Rhodium can be used in catalytic convertors. It is also used as a jewelry material. It is relatively affordable when compared to other types.
Palladium (or Palladium): Palladium can be compared to platinum, but is much more common. It's also much more affordable. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
Who has the gold in a IRA gold?
An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.
You must have gold at least $10,000 and it must be stored for at the least five years in order to take advantage of this tax-free status.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don't intend to use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
You should consult a financial planner or accountant to see what options are available to you.
What does a gold IRA look like?
People who wish to invest in precious metals can use Gold Ira accounts as a tax-free investment vehicle.
You can purchase physical gold bullion coins anytime. You don't have a retirement date to invest in gold.
An IRA lets you keep your gold for life. You won't have to pay taxes on your gold investments when you die.
Your heirs will inherit your gold, and not pay capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
First, an individual retirement account will be set up to allow you to open a golden IRA. After you have done this, an IRA custodian will be assigned to you. This company acts as a mediator between you, the IRS.
Your gold IRA custody will take care of the paperwork and send the forms to IRS. This includes filing annual reports.
After you have created your gold IRA, the only thing you need to do is purchase gold bullion. Minimum deposit is $1,000 A higher interest rate will be offered if you invest more.
Taxes will be charged on gold you have withdrawn from an IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
If you only take out a very small percentage of your income, you may not need to pay tax. However, there are exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.
You shouldn't take out more then 50% of your total IRA assets annually. You could end up with severe financial consequences.
Can I buy Gold with my Self-Directed IRA?
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. You can also transfer funds from an existing retirement fund.
The IRS allows individuals contributing up to $5.500 each ($6,500 if married, filing jointly) into a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
If you do decide to invest in gold, you'll want to consider purchasing physical bullion rather than investing in futures contracts. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. These financial instruments allow you to speculate about future prices without actually owning the metal. However, physical bullion is real gold or silver bars you can hold in your hands.
What are the pros and disadvantages of a gold IRA
An Individual Retirement Account is a more beneficial option than regular savings accounts. You don't pay taxes on any interest earned. An IRA is a great way to save money and not have to pay taxes on the interest you earn. There are some disadvantages to this investment.
You could lose all of your accumulated money if you take out too much from your IRA. The IRS may prevent you from taking out your IRA funds until you reach 59 1/2. If you do decide to withdraw funds from your IRA, you'll likely need to pay a penalty fee.
Another problem is the cost of managing your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management charges ranging anywhere from $10 to $50.
Insurance is necessary if you wish to keep your money safe from the banks. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. Insurance that covers losses upto $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. Some providers restrict the amount you can own in gold. Others let you choose your weight.
It is also up to you to decide whether you want to purchase physical gold or futures. Physical gold is more costly than gold futures. Futures contracts provide flexibility for purchasing gold. You can set up futures contracts with a fixed expiration date.
You will also have to decide which type of insurance coverage is best for you. Standard policies don't cover theft protection, loss due to fire, flood or earthquake. It does provide coverage for damage from natural disasters, however. If you live in a high-risk area, you may want to add additional coverage.
Insurance is not enough. You also need to think about the cost of gold storage. Storage costs are not covered by insurance. In addition, most banks charge around $25-$40 per month for safekeeping.
You must first contact a qualified custodian before you open a gold IRA. A custodian is responsible for keeping track of your investments. They also ensure that you adhere to federal regulations. Custodians are not allowed to sell your assets. Instead, they must retain them for as long and as you require.
After you've determined which type of IRA is best for you, fill out the paperwork indicating your goals. You must include information about what investments you would like to make (e.g. stocks, bonds and mutual funds). You should also specify how much you want to invest each month.
After completing the forms, send them along with a check or a small deposit to your chosen provider. The company will then review your application and mail you a letter of confirmation.
A financial planner is a good idea when opening a gold IRA. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- 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)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
finance.yahoo.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement funds
irs.gov
cftc.gov
How To
3 Ways to Invest in Gold for Retirement
It's essential to understand how gold fits into your retirement plan. You have many options for investing in gold if there is a 401K account at your workplace. You may also want to consider investing in gold outside of your workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.
These are three simple rules to help you make an investment in gold.
- Buy Gold with Cash – Avoid using credit cards or borrowing money to fund investments. Instead, put cash into your accounts. This will help to keep your purchasing power high and protect you against inflation.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. Physical gold coins are easier to sell than certificates. Also, there are no storage fees associated with physical gold coins.
- Diversify Your Portfolio. – Do not put all your eggs into one basket. This means that you should diversify your wealth by investing in different assets. This helps reduce risk and gives you more flexibility during market volatility.
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By: David Sencil
Title: Hashkey Capital Singapore Receives Full Capital Markets Services 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
