Hong Kong Welcomes First Approved Crypto Fund
Arrano Capital launches the first-ever cryptocurrency fund in Hong Kong approved by regulators for distribution to professional investors.
Whilst the Securities and Futures Commission first launched the new crypto regime in 2018 and has previously granted license to crypto asset managers, the new launch marks the first pure crypto fund that qualifies for marketing to professional investors.
Currently, the fund is a tracker fund and only buys and holds bitcoins, according to a statement. Additional segregated portfolios may be added at a later stage with other digital assets and cryptocurrency strategies.
$100 Million Target
The fund will initially seek to target $100 million in assets under management in the first year, according to a «Bloomberg» report citing Arrano Capital’s chief investment officer Avaneesh Acquilla. Its second product which is scheduled for launch later this year will be an actively managed fund with a basket of digital tokens, he added.
«We decided to launch this fund to address market demand from professional investors who are increasingly focused on Bitcoin as an alternative store of value,» said Acquilla. «Ultimately for Bitcoin to be widely accepted and for people to trust it, there needs to be regulation.»
