The first bitcoin fund in Hong Kong has been launched by Venture Smart Asia’s blockchain arm (Arrano Capital).
It is regulated as an Approved Virtual Asset Manager by the Hong Kong Securities and Futures Commission (SFC).
The fund is required to comply with the”Proforma Terms and Conditions for Licenced Corporations which Manage Portfolios that Invest in Virtual Assets” that the SFC published in October 2019.
The fund is passive and tracks the price of bitcoin.
The fund can be sold to Professional Investors (as defined by the SFA) including institutional fund managers and banks.
The legal advisors on setting up the fund were Simmons & Simmons and Ogier.
The custodian is BitGo Trust Company.
Fund administration is being carried out by Mainstream Fund Services.
Audit is being done by Grant Thornton.