HONG KONG: A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream.
Reuters could only identify one: Hong Kong-based Diginex, which operates a cryptocurrency"fund of funds". Lawyers and consultants are unable to identify any other applications that have been approved, though dozens of smaller funds looked into applying hoping that approval would help attract investors.
"We have seen lot more interest from smaller funds or crypto-dedicated funds," said Henri Arslanian, Hong Kong-based global crypto leader at PwC. Advisers say the industry's relative infancy is also a factor, with crypto funds still developing systems for custody, audit, cybersecurity and other operational necessities.
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