The first digital fund to be endorsed by the authorities of Hong Kong has just been launched by a blockchain company called Arrano Capital. This company is the blockchain division of Venture Smart Asia.
Avaneesh Acquilla, the CIO of Arrano Capital stated that the sum of $100 million in crypto is being projected as the target during its first year. The first phase will feature a tracker fund, purchase and sale of Bitcoin and a new vigorously managed fund that deals with various tokens will be launched towards the end of 2020.
Avaneesh also stated that this fund aims to serve as a substitute store of value for crypto investors.
Hong Kong Authorities Hardly Approves Cryptocurrency funds
About 2 years ago, the Securities & Futures Commission of Hong Kong started the formal regulation of crypto exchanges platforms and since then, not much has been approved. One of the first crypto exchange company to be approved was Diginex in June 2019.
But now, Arrano Capital application is the first endorsed crypto fund thereby giving average investors an opportunity to invest in BTC. Since the other crypto companies haven't matched all the conditions required by the SFC, they only have access to professional investors.
Source: Cointelegraph
