Venture Smart Asia has launched Hong Kong's offset canonical cryptocurrency fund with a target of $100 meg under direction for its first year.

According to an Apr 20 Bloomberg report, Arrano Capital, the blockchain arm of Venture Smart Asia, announced the rollout of a new Bitcoin (BTC) fund in Hong Kong. The venture capital business firm reported it had met the atmospheric condition for a licensed crypto fund by the local Securities and Futures Commission (SFC).

Arrano Chief Investment Officeholder (CIO) Avaneesh Acquilla said the first effort is only a tracker fund, buying and selling BTC. All the same, the firm's goal is to pass $100 1000000 in digital assets under direction in its showtime year. The CIO hopes to launch a second actively managed fund dealing with a basket of tokens later in 2022.

"We decided to launch this fund to address market place demand from professional person investors who are increasingly focused on Bitcoin every bit an culling shop of value. Ultimately for Bitcoin to exist widely accepted and for people to trust information technology, there needs to be regulation."

Crypto funds rarely approved in HK

Since the SFC announced it would brainstorm to formally regulate crypto exchanges in Oct 2022, the commission has issued few approvals. Blockchain financial services firm Diginex was one of the first authorized to invest in crypto funds in June 2022.

However, Venture Smart Asia's application makes it the get-go official crypto fund in the special economic region allowed to invest entirely in digital assets, allowing professional person investors a window into BTC.