Venture Smart Asia has become the first regulatory approved crypto fund of Hong Kong who is targeting a $100 million asset under its management by the end of this year. Hong Kong has been known for its strict regulatory stance towards the crypto space, and with this approved fund it would make it easier for the institutional investors in the country to make an investment in Bitcoin.
As per a report published in Bloomberg, the announcement of the crypto fund was made by Arrano Capital, the blockchain arm of Venture Smart Asia. The announcement noted that they have rolled out a Bitcoin fund after being cleared by the Securities and Futures Commission (SFC) to deal with virtual assets.
The Hong Kong SFC has been looking into several applications filed before them for crypto-related funds for over a year now. The SFC has also granted a couple of licenses to crypto asset management firms like Diginex, however, none of them have met the full criteria of running a pure crypto fund as it has been granted to Venture Smart Asia.
The operating license and regulatory clearance are believed to boost the interest of the investors towards such investment vehicles as it offers a sense of security. While there is no official target figure mentioned at the time of launch, Arrano Capital is planning to manage at least $100 million worth of digital assets within the first year.
The firm is also planning to launch a second investment vehicle by the end of this year, which will be another investment fund dealing with multiple