Hong Kong’s first approved cryptocurrency investment fund launched
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Answer Hong Kong’s first approved cryptocurrency investment fund launched
Sensible Asia Ltd launched the first authorized and approved cryptocurrency fund in Hong Kong with a goal of achieving an investment of $100 million in the first year. The fund provides an officially approved window for institutional traders to invest in Bitcoin.
offered Arrano Capital, the Hong Kong-based arm of the aforementioned cryptocurrency company, on Monday launched its bitcoin fund, after settling licensing cases to allow it to deal in crypto with securities fees and futures contracts this month.
The initial approval for this fund came after local regulators began looking for ways to exercise control over crypto businesses.
SFC had previously granted licenses to a crypto asset management fund such as Hong Kong’s Diginex, but these did not meet the overall criteria for operating pure crypto funds that could only be marketed to institutional traders.
Read:The number of individual investors in cryptocurrency decreased significantly in the first quarter of 2022 and institutions are taking the lead
Iranianish Aquila, Head of Arrano Finance said:
Arrano Capital is seeking to exceed $100 million in total holdings without management through a fund that monitors bitcoin costs in the first year.
Aquila stated that the second product due to launch later this year will likely be an actively managed fund dealing with a basket of digital tokens (other than bitcoin).
Aquila added:
We are determined to launch this fund to deal with market demand from institutional traders who are targeting bitcoin more and more at well-deserved retail.
Finally, for Bitcoin to be widely accepted, and for people to believe in it, there needs to be regulation.
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Aquila runs Arrano Capital Group, which includes his former colleagues from Kenetic Capital, a Hong Kong-based blockchain finance agency.
Read also:
Canada’s largest exchange starts trading regulated bitcoin fund
The largest digital asset investment fund reveals its new data for the first quarter of 2020
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