First crypto hedge fund approved in UK

Posted 03 July, 2019

The UK Financial Conduct Authority has reportedly granted the first crypto investment license to Prime Factor Capital, hedge fund headquartered in London.

According to the media, the financial body will regulate the hedge fund that will be 100% manager of an alternative investment fund. Along with the UK rules, the company will also comply with EU regulation.

Adam Grimsley, COO at Prime Factor Capital, noted that the market lacks clear crypto investment regulation, which is a heavy problem now. At the same time, the EU rules require that the company must engage an independent custody service provider that will supervise payments to investors and fund's assets. 

 “This is a significant milestone not just for Prime Factor, but for the industry as a whole. Being FCA-regulated brings us under the purview of one of the most recognised financial markets regulators globally...," said in the press release Nic Niedermowwe, CEO of Prime Factor Capital.

The FCA license allows the hedge fund to manage assets worth more than EUR 100 million.

As the company representative commented, they prefer to focus only on one class of assets, and this position is believed to bring the leadership in the segment and good image among investors.

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03 July, 2019 11:49

← Grant Thornton releases new progress report for NZ Cryptopia

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