Arrano Capital, the blockchain arm of Venture Smart Asia, claims to have met regulatory requirements in Hong Kong to launch the country's first cryptocurrency fund.
Venture Smart Asia has launched Hong Kong's first approved cryptocurrency fund with a goal of $ 100 million managed in the fund this year.
According to Bloomberg, Arrano Capital announced deployment fund New Bitcoin here and the venture capital firm said they have met the necessary conditions of the Securities and Futures Commission (SFC) to set up a cryptocurrency investment fund.
Chief Investment Officer (CIO) Avaneesh Acquilla said the fund's first plan was to buy and sell BTC.
However, in the first year, their goal is $ 100 million of cryptocurrencies managed in the fund.
He also hopes that in the future the organization will launch many other investment funds in the cryptocurrency market.
We decided to launch this Bitcoin fund to address market demand from professional investors. Their demand for investing in cryptocurrencies is growing and for them a reasonable investment option.
He eventually said that in order for Bitcoin to be widely accepted and for people to trust this market, the cryptocurrency needs to have regulation.
Cryptocurrencies are rarely approved in Hong Kong
Since the SFC declare will begin adjusting the cryrpto exchanges in October 2018, the committee has reviewed a few approvals for the establishment of cryptocurrency funds, but most have not yet met the SFC criteria.
BTC Fund's Venture Smart Asia is Electronic money fund The first official in the special economic sector, allowing institutional investors to invest in BTC.