Venture Smart Asia, a Crypto Firm Licensed by Hong Kong’s Securities and Futures Commission, to Offer Region’s First Digital Asset Fund


Venture Smart Asia, a company licensed by Hong Kong’s Securities and Futures Commission (SFC), has introduced the territory’s first approved crypto asset fund with a target of $100 million under management during the first year of its launch.

As reported by Bloomberg on April 20, 2020, Arrano Capital, the blockchain or distributed ledger tech (DLT) division of Venture Smart Asia, has established a new Bitcoin (BTC)-focused fund in Hong Kong.

The VC company confirmed that it has met the requirements for acquiring a license to operate as a digital asset fund by the SFC.

Avaneesh Acquilla, chief investment officer, at Arrano Capital, noted that the first product is simply a tracker fund, purchasing and selling Bitcoin. The company is planning to reach $100 million in crypto assets under management during its first year of launch.

Acuilla said his firm is preparing to introduce a second actively-managed digital asset fund that will involve a basket of crypto tokens (later this year).

Acquilla remarked:

“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. Ultimately for Bitcoin to be widely accepted and for people to trust it, there needs to be regulation.”

In October 2018, the SFC confirmed that it will formally regulate cryptocurrency exchanges and other businesses. However, the regulator has issued only a few licenses or approvals.

Diginex, a leading blockchain financial services company, was notably among the first crypto firms to receive regulatory clearance to offer services back in June of last year.

But Venture Smart Asia’s recent application makes it the first official digital asset fund in Hong Kong. It will allow average investors to gain exposure to Bitcoin, the flagship cryptocurrency.

Other cryptocurrency companies that don’t meet SFC’s regulatory guidelines can only sell products to accredited or professional investors for now.

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