Hong Kong Financial Regulator Gives Official Permission To Open The First Regulated Bitcoin Fund
Arrano Capital, the blockchain division of Venture Smart Asia, got a license from the Hong Kong Securities and Futures Commission (SFC) and can now open a cryptocurrency fund with a capital of $100 million, became known just recently.
New requirements for companies that work with cryptocurrencies have recently begun to apply in Hong Kong. Important to note is that once these requirements came into force, Arrano Capital became the first company to receive official permission to manage a cryptocurrency fund.
“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.”
The company has not yet announced the launch date of the Bitcoin fund, but its representatives have already announced their intention to open another fund that will work not only with the main cryptocurrency but with altcoins as well.
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